Document Extraction at Otkritie
Revolutionising Financial Corporations: Document Extraction for SME banking
Small and medium-sized enterprises (SMEs) strongly leverage on business solutions by financial corporations to succeed. However, the manual handling of high-volume onboarding documents drains both the corporation’s as well as their customers’ resources. Our client, Bank Otkritie Financial Corporation, deployed Omnitive Extract to read, process and verify unstructured to semi-structured passports and invoices, and successfully in Russian language.
After TAIGER’s deployment, Otkritie improved by 5 rankings on Markswebb’s 2020 report on ‘The Best Mobile Banks’ for SME and entrepreneurs, making it to the list of top 10.
Our solution reduced passport processing time by 4 times with greater than 92% accuracy, and achieved an outstanding 48.8% success rate in invoice conversion to payment among 20,000 real customers on its invoice processing application. Omnitive Extract’s reception and velocity has secured a great revenue upside for our client, and unlocked further opportunities for intelligent innovation for their other banking divisions.
“Otkritie had high expectations to be a customer centric bank with a digitalisation vision. Yet, TAIGER was able to listen, understand and exceedingly deliver.”
In our Otkritie case study, we will cover the following:
- Challenges faced by Otkritie and its SME division
- Invoice and passport extraction design
- Results, value proposition and impact on Otkritie
- Client’s perspective
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