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AI-powered invoice automation: Taiger’s processing solution for Otkritie Bank 24 January 2022

With Taiger's intelligent document processing solution Omnitive Extract, Otkritie enables its customers to submit and process invoices with a quick snapshot of the document on their phone.

Small and medium-sized enterprises (SMEs) now account for 90% of the business network, prompting financial institutions to pay more attention to them, increasingly diversifying their portfolios and improving their services in order to meet their financing needs.

Access to finance is one of the main obstacles for SMEs, as it can take weeks to obtain loans or complete transactions via invoice finance, as they are read and validated manually. In fact, a single invoice can take up to 25 days and cost between $12 and $30. Imagine how exhausting it is to process 1000 invoices per month!

What does it all add up to? A tremendous expenditure of energy and expertise that not only affects cash flow but can also lead to a poor customer experience.

Otkritie Bank’s invoice financing is now 1.5x more effective thanks to intelligent automation for document processing

Taiger has worked with Otkritie, one of Russia's largest banks, to automate this process. With just one click, Omnitive Extract automatically extracts the necessary information, such as the type of payment, the amount and the bank account details of the payer and the recipient. So now their customers can quickly take photos of their invoices from their devices and let the app extract all the necessary details for the transaction. 

Once the transaction is complete, the extracted structured data is securely stored in the banking app, allowing the bank's customers to complete quick and smooth transactions at their leisure.

In a benchmark test with over 20,000 users, the app had 1.5 times more successful transactions than the leading competitor. Each invoice was captured and extracted in just 10 seconds, enabling SME customers to complete their transactions 99% faster than the standard process, which took a week-long process.

The app is powered by AI algorithms that can read human language

The technology behind the app is Omnitive Extract, an Intelligent Document Processing (IDP) tool. IDP uses a range of technologies such as Optical Character Recognition (OCR) and artificial intelligence (AI) to capture data from all types of documents such as invoices.

The key to success in quickly processing each invoice is its use of language-driven AI such as Natural Language Processing and Knowledge Representation. These technologies help capture and extract the content of a document by understanding the semantic meaning of the text within the document.

Invoices come in different formats and can express the same parameters, such as purpose and method of payment, in different ways. This is the variability that exists in unstructured data. It is the biggest challenge for training machine learning models, which only work incredibly well if the data sets are consistent.

Nevertheless, Omnitive Extract uses a language-based AI, that helps the bank's invoice recognition system more accurately identify parameters hidden in free text, resulting in better performance.

Hybrid AI is the key. While the strengths of symbolic AI such as NLP and statistical AI such as machine learning are each powerful in their own right, combining these strengths gives the software an additional performance advantage. The resulting technology has both human-like logic and the ability to aggregate large amounts of data to find meaningful patterns and Taiger can guarantee accuracy by contract.

Intelligent document processing also makes work easier in the back office

Taiger's extraction solution has also been used in other business areas of the bank. It is currently being used to help staff automatically capture data from passports to complete the onboarding of SMEs for their 200,000 customer base.

Thanks to the integration of Omnitive Extract into a web interface, employees are now processing passports automatically with over 92% accuracy and 4 times faster than the traditional process.

The implementation of this project has had great success on the bank. Vasily Uvanrov, Deputy Head of E-Business Development for SME in Otkritie Bank remarked: “Otkritie had high expectations to be a customer-centric bank with a digitalisation vision. Yet, Taiger was able to listen, understand and exceedingly deliver. I believe that this successful project with Taiger simply marks the beginning of a long-term digital augmentation partnership with Otkritie.”

Unlock better customer care. Request a DEMO for Omnitive Extract and we will help you identify and process complex documents in the areas your bank needs. 

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