Capgemini’s new platform harnesses cognitive capabilities such as artificial intelligence and machine learning to ease the burden of processing documents and extracting data from them. It can reduce costs, improve customer experience, and help ensure regulatory compliance.
The financial services industry has experienced a steep rise in the volume of digital documents it has to deal with which include application or claim forms, checks, passports, bills, and many others, in various formats.
Processing these items and extracting data from them is labor intensive and costly, involving complex operations that can easily go wrong, risking damage to the business of the financial institution (FI) and its customers. Lost documents and missing signatures can lead to regulatory breaches, with hefty fines attached.
Capgemini’s Cognitive Document Processing (CDP) platform reduces cost, effort, and risk by leveraging artificial intelligence (AI), machine learning (ML), and other cognitive capabilities to automate tasks such as document categorization and data extraction.
Key capabilities include:
• Analysis of structured, semi-structured, and unstructured documents
• Retrieval of useful information using techniques such as key phrase extraction, natural language processing (NLP), and topic modeling
• Processing of scanned text (including handwriting) using optical character recognition (OCR) or the more advanced intelligent character recognition (ICR)
• Auto-filling of forms and online documents using data extracted from other digital documents
• Creating summaries of input texts or financial reports using natural language.
The platform can be used for a wide range of applications including Customer Onboarding, Mortgage Processing, Contract Intelligence, Check Fraud Prevention, BPO Process Automation and Claims Processing.
Benefits of CPD
- Increased speed – particularly valuable where there are large volumes of similar documents such as insurance claims.
- Cost savings – manual effort is slashed, enabling staff to provide better customer service or be redeployed in other areas.
- Better decisions – automation removes bias, ensures consistency, and enables human experts to focus on the most problematic cases.
- Reduced risk of regulatory breaches – documents are less likely to be lost or misfiled, or accepted with errors or missing signatures.
Incorporate Cognitive Document Processing for reduced manual decision-making to your paperwork and ensure smooth and consistent service to your clients.
Also exploit the opportunities in your business with Perform AI – Capgemini’s unique, holistic AI service portfolio. Harnessing your enthusiasm to go further and achieve more, Perform AI takes you beyond MVP to deliver AI at scale for maximum impact.
To adopt Cognitive Document Processing within your business, reach out to:
Dr. Shivani Rai Gupta, Director, Data Science & Analytics, APAC