Coforge delivers ROI with AI by Optimizing and Simplifying Document Processing
A large team used to manually process mortgage and loan documents. The processing included manual document extraction, verification, and logging into the Client’s bank application. The tasks were repetitive in nature, and there was an obvious potential to optimize the operating costs, reduce errors, increase processing velocity, and bring in operational efficiencies.
Challenges in Current Process
There were 35 product lines and 5000+ document types across packages. Package size varied between 35 – 100 pages each. As an example, one product line had 1200+ standard document types and 400+ non-standard document types. Overall 3M+ pages were processed every month. All the related documents are scanned into one large tiff file of 150+ pages for each mortgage loan. The structure of these documents is varied: Obtaining high scan quality documents was challenging Handwritten content like signatures, initials, and printed information made the task at hand complex. There were defined document types, and the “n” number of document type(s) could be present in a package. Two broad categories of documents in a package – Standard and Non-Standard existed which led to operational inefficiencies. Operators had to perform steps for each package received, including signature identification, classification, splitting of documents, and extraction of data elements. Solution An automated intelligent solution to read packages, extract important data elements, and split the packages with high accuracy. Coforge proprietary accelerator “Document AI” was leveraged to address these challenges for the client. To assist in addressing client challenges, signature extraction modules, NLP-based classification, and extraction, logo identification modules were employed. For each package following activities were implemented: Identify signature, bank logo, and form number. Classify, extract and split forms into pre-defined groups. The output was provided as an API, integrated with the downstream application. Benefits Automated error handling and improvement observed in overall output quality. Augmented efficiency in output with intelligent automation processing millions of applications per month. Optimized resource allocation, with an overall reduction in FTE.
Deepak has 20+ years of experience in the IT industry and comes with strong capabilities and expertise in defining and implementing machine learning and cognitive analytics for large banks, manufacturing and insurance organizations. He has worked with numerous CTOs and CIOs of the Fortune 500 organizations to define their Machine Learning (ML) and AI technology roadmaps. His foundational specialization in Computational Mathematics and Game Theory gives him the experience to visualize and shape the future. He has worked extensively with Data Science, ML and Predictive Analytics solutions for numerous Clients in US, UK and APAC.
We are a global digital services and solutions provider, who leverage emerging technologies and deep domain expertise to deliver real-world business impact for our clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries, and partnerships with leading platforms provide us with a distinct perspective. We lead with our product engineering approach and leverage Cloud, Data, Integration, and Automation technologies to transform client businesses into intelligent, high-growth enterprises. Our proprietary platforms power critical business processes across our core verticals. We are located in 23 countries with 30 delivery centers across nine countries.
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