Intelligent Document Automation: data capture from bank statements

In today diversified business environment where many companies are facing with challenge to process intelligently huge volume of data of different nature, - the practical question is how to make the automation of data processing efficient, effortless, and scalable. Intelligent Document Processing provides the answer.

In this blog – we will provide a quick overview what Intelligent Document Processing (IDP) stands for and what the key automated capabilities of IDP shall be in place to achieve unprecedented high level of data accuracy and the best-in-class state of data straight-through-processing:

What is Intelligent Document Processing?

Intelligent Document Processing (IDP) is a combination of different stack of technologies such as OCR, ML, Computer Vision, AI, No Code BPM, Predictive Analytics that are brought together to enhance, recognize, validate, post-process, analyze, manage data that is captured intelligently from scanned or digitally generated documents of any complexity.
True IDP is designed to process from end-to-end perspective complex documents of different structure, quality and nature.

How to turn data from bank statements into meaningful value?

In order to turn your data from bank statements into meaningful value – you would definitely need to look at an integrated automated solution that would be capable to perform end-to-end bank statement processing leveraging cognitive capabilities: image enhancement, document classification, intelligent data capture, converting the captured data to the structured format, data cross-validation, data verification, data post-processing, data workflow automation or automated real-time data feeding into your target systems, analytics, data management and beyond.

Automated image enhancement

If you have your bank statements as digitally generated documents - you are lucky, you don’t need to worry about the image enhancement and data accuracy level. But in case you need to process bank statements which are scanned documents - you might need to consider having in your automated solution the capability which is designed to enhance (improve) the image before the processing, particularly to perform image right-sizing, rotation, whitening background, removing unnecessary noise, image cropping, enhancing contrast, etc. Image enhancement is a very crucial automated capability when it comes to Document Understanding.

Automated document classification

If you look closer at all your bank statements - you will see that all your bank statements are of different structure, nature, content. The bank statements are being issued by different banks and respectively each bank has own way on how to prepare the bank statement. In case your goal is to automate bank statement processing - you shall have an automated capability in your automated solution to identify and classify the bank statements by type as well as capability to detect the variations among the bank statements of the same bank.

Intelligent data capture from bank statements

It may sound simple to locate and capture the data from bank statements. However, how about if your bank statement is a document where data with tables is spanning across multiple pages and your table data is not fixed and in addition you have some handwritings on it. Obviously, your automated solution shall be capable to perform data extraction from the most complex documents (scanned or digitally generated documents) what can be achieved by leveraging Artificial Intelligence (AI) and advanced mathematical models.

Bank statements data validation and cross-checking

You have captured and recognized your data from bank statements - but this is just only half of automation. Now you need to validate, cross-check and post-process your captured data to make sure that your data is 100% correct and consistent. Integrated automated solution shall be shipped with an advanced configuration capabilities for you to easily apply additional logic, data cross-validation, data post-processing where required which may include but not limited to: converting captured data to the single required format, data cross-checking and validating the data with required values, replacing data with pre-approved list of values, etc.

Bank statements data export or data feeding to other systems

Once data is validated and cross-checked you might need to perform either data export for the further data processing according to the different business scenarios or you may further feed your captured data from Bank statements to other systems by automating Bank statements processing from end-to-end. In a such scenario - your integrated automated platform shall have API, export capabilities, and No Code BPM functionalities enabling to automate bank statements processing from end-to-end perspective with minimum efforts.

Data management and maintenance

Once bank statements are processed - you might also require to store your bank statements for further reference and audit purposes. Considering that bank statements may contain some financial information - you may also require to set the necessary settings for access control where only authorized users / individuals will have permissions to preview / download / print / edit / access particular bank statement. Your integrated automated solution shall also have a powerful content search engine with granular access right management capabilities enabling to find any bank statement or even fragment of text among thousands of records in two clicks.

Explore more - Automate more with AI:

Automated Utility Bill Processing
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About «elDoc»

«elDoc» - Integrated Intelligent Automated Platform for Document Understanding (Intelligent Document Processing), Document Workflow Automation and Content Management from Anywhere. «elDoc» is an enterprise level solution available as SaaS and on-premises for end-to-end Intelligent Document Processing. elDoc is powered with cognitive technologies (Artificial Intelligence including Computer Vision) to be capable to process intelligently documents (scanned and digitally generated) of any complexity with further end-to-end document processing and document workflow automation.

Willing to test how Intelligent Document Processing works in practice – Get Free Trial Now – «elDoc Online»

About «DMS Solutions»

DMS Solutions» is a technology company, a professional service provider delivering Intelligent Automation Solutions and is an authorized implementation partner of “elDoc” - Integrated Automated Platform for Intelligent Document Processing, Document Workflow Automation and File Management.

We leverage Computer Vision, Machine Learning, Artificial Intelligence to build a powerful digital workforce for your business to win on the market. We focus on exploring new ways to apply disruptive technologies and recent inventions to bring innovative automation solutions in. We break boundaries and help clients to achieve their strategic goals through delivering next-generation solutions.

Our Clients are high-performing enterprises coming from different industries: banking & financial services, insurance, logistics, healthcare, manufacturing & retail, government, real estate, transportation, oil & gas, energy, etc. We operate globally having HQ in Hong Kong.