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
TAIGER is a visionary Artificial Intelligence (AI) company pioneering next-generation AI solutions to process highly unstructured information with ease, accuracy and versatility for businesses to optimise operational inefficiencies and drive business value. TAIGER is currently present in Singapore, the UAE, Spain and Mexico City with more than 50 global projects. Along with IMDA’s accreditation, TAIGER has won numerous global awards and plans to change the way humans work.
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