Intelligent Document Processing marks the ultimate convergence of OCR, Artificial Intelligence, and Machine Learning- a unified solution for advanced data processing . It involves data extraction from diverse sources, all managed on a unified platform. Decades ago, financial organizations couldn’t fathom such a technology easing their operations the way IDP does. In this blog, we will take you through the top six use cases of Intelligent Document Processing(IDP) in banking and financial services and understand why financial firms should transition from manual data entry and template-based OCR to advanced IDP solutions for document processing. A deluge of documents and data Globally, banks and finance revolve around astronomical volumes of data. Though hardcore financial documents with numerical data in debit, credit, profit, loss, and more are primarily structured, a monumental set of supporting documents is vital yet unstructured and perpetually chang...
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