Today more than ever digitization, automation and data accuracy are the fuel for decision makers in many key industries like Banking & Insurance, Healthcare, Manufacturing, etc. Despite the adoption of digital transformation by some corporates, banks & financial institutions, many are still grappling information with manual tasks, for example: incoming invoices, purchase orders and claims. In the banking industry, new accounts opening, mortgage application submissions, letters of credit and credit cards management are expensive, time-consuming and error-prone tasks. These typical financial processes can be easily fully automated with Intelligent Information Management Solutions based on the award-winning platform IRISXtract™.
I.R.I.S. is a market leading company for Information Management, offering a full range of innovative technology solutions, products and services. We provide Intelligent Capture Solutions to enable organizations to take control of their information flows, automate repetitive tasks and focus on their core business. We offer a high level of automation possibilities specifically for Banks and Financial Institutions. Let us talk with Gerald Rüdiger, the Managing Director of I.R.I.S., what benefits are in with their technologies for Financial Institutes.
Gerald Rüdiger, Managing Director, IRIS
1. Gerald, could you briefly describe the core business of IRIS?
Our Intelligent Information Management Solutions based on the IRISXtract™ platform use our award winning OCR technology and AI logic to extract data and automatically classify documents. With millions of users around the world, we help you automate and digitize your business processes. We empower our customers with this technology to work faster and smarter, with a higher level of automation and Intelligent document Straight-Through-Processing (STP).
2. How I.R.I.S. can help Banks, Financial Institutions and Corporates?
Our platform has been designed for Straight-Through-Processing optimization solutions using advanced technologies including machine learning-based document classification, AI-driven text and index recognition and automatic data integrity checks. The data protection and sensitive data blackening features are particularly used in the banking sector. These features ensure Compliance Guidelines are met with a very high level of confidence.
Our customer TEBA Kreditbank in Germany for example, uses the Accounts Payable Solution to digitalize and automatically extract about 1 million incoming invoices per year. The scalability of our platform enables a fast response to peak loads at all times. The high recognition rate leads to an enormous reduction in error rates compared to manual invoice processing. Lower costs and higher customer satisfaction are therefore ensured.
Learn more why TEBA Kreditbank has decided for IRIS:
3. Can you name a few benefits of your Solutions?
By implementing our platform, organizations can speed-up their operations, be focused on their core business, detect fraud and specifically financial institutions can comply with Know Your Customer & GDPR regulations.
We still see the issue, that Banks and Insurances receive tons of documents and information on a daily base, both paper and electronic. Processing these documents manually is time consuming and resource intensive.
Our solutions automates these processes and transfers the relevant information to your business process applications, faster and more efficiently than any manual processing. Our software ensures paper & electronic documents processing of the best level of quality, in every language, for every document and every process. With our platform you are able to improve your customer and supplier relationships while reducing operating costs. As a short-term Return on Investment, you will increase your customer satisfaction quickly.
Feel free to test our online Try & Trust demos to get a sneak preview of how IRIS’ Free-Form Extraction works on unstructured & semi-structured documents.
For any question, please get in touch with Maria Bravo, directly, she is happy to support you.
François Masquelier, CEO of Simply Treasury, your Treasury Strategy Advisor – Luxembourg – July 2023
Disclaimer: This article was prepared by François Masquelier in his personal capacity. The opinion expressed in this article are the author’s own and do not necessarily reflect the view of the European Association of Corporate Treasurers (i.e., EACT).