No More Lengthy Paperwork in BFSI Industry

Even before the pandemic, the banking sector and the BFSI industry had begun to see the value of digitising processes in order to detect fraud, protect data, serve customers faster and minimise the prospect of human error. Post the pandemic, the need for radical digital transformation has gained even more urgency and as Alok Bansal, MD, Visionet Systems India and Global Head of BFSI business says, "In the post pandemic world, supply chains, services, systems and manual data processing have all been disrupted and I see the inevitable emergence of innovative technologies that can provide adaptive and flexible solutions in the BFSI sector."  

Mr. Alok Bansal says that COVID-19's impact on industries, livelihoods and health markers is inestimable and the one way that people have continued to transact and communicate is through technology. He believes digitalisation plans have been accelerated to achieve goals that would have in ordinary circumstances taken years. He adds, "AI tools like Intelligent Document Processing (IDP) solutions have revolutionised the way unstructured and semi-structured information is processed and such innovations are helping us to scale up business opportunities, maximise productivity as well as revenue by saving valuable time and resources. Optimised technical proficiency is especially helpful in accelerating the mortgage process. Soon processing lengthy paperwork may become a thing of the past and lenders may increasingly opt for advanced digital Business Process Management (BPM) solutions." He also believes with brick and mortar banking services interrupted, Conversational AI will plug in information gaps speedily and streamline the mortgage loan process.  

As a leading provider of BPM solutions, Visionet has recently developed a future ready, award-winning Intelligent Document Processing solution called DocVu.AI, which processes large volumes of data using Optical Character Recognition (OCR), Intelligent Character Recognition (ICR) and machine learning algorithms. Says Mr. Alok Bansal, "AI tools like DocVu.AI process data at a speed and a cost that cannot be achieved manually. The tool also makes classification and data extraction easier than ever before. It can serve businesses regardless of their size, with a fully integrated workflow engine and regulatory compliance. It helps mitigate losses, bolsters security and helps improve customer relationships. The future is right here, right now and we are ready for it."