Background
In today's competitive banking landscape, financial institutions must adopt innovative solutions to enhance operations and customer experiences. However, processing diverse documents like bank statements and identity papers is challenging. To address this, banks are turning to AI-driven data extraction using AI, ML, Generative AI, and Large Language Models. This improves efficiency, reduces errors, ensures regulatory compliance, and speeds up customer interactions, positioning banks at the forefront of technology.
About Base64.ai
Headquartered in New York, Base64.ai provides an Intelligent Document Processing (IDP) solution with a focus on strong privacy and security standards, compliant with SOC 2, HIPAA, and GDPR certifications. Base64.ai collaborates with financial institutions to process sensitive documents securely without data retention to prevent breaches. Our cloud solution supports 2,800+ document types for seamless integration into existing workflows. Additionally, our on-premises solution enables local document processing without internet data transmission.
Use case
One of the largest banks in Turkiye was faced with the challenge of enhancing its document processing workflow to achieve greater accuracy and security while also expediting its processes. In pursuit of a solution, the bank thoroughly evaluated numerous document processing providers, including Microsoft, IBM, and UiPath. After a comprehensive analysis, Base64.ai emerged as the provider that offered the most accurate and versatile IDP solution, all at a fraction of the cost of the competition.
To seamlessly integrate the AI-powered document automation tool into their core banking processes, the bank embarked on a three-month Proof of Concept (POC) with the Base64.ai team. Together, the bank's credit operations team and Base64.ai created custom document models for the bank's internal forms and other government documents commonly utilized within the industry.
Impressed by the initial results and the potential of Base64.ai's capabilities, the bank made the decision to sign a 6-year contract, additionally procuring the Base64.ai Signature Matching AI module in the following months. This module was intended to bolster the bank's anti-fraud efforts, empowering them to fortify their security measures in a rapidly evolving financial landscape.
With the successful implementation, the bank achieved remarkable improvements in its document processing workflow, reduced the time to process loan applications, and cut expenses. Base64.ai significantly expedited processes, reduced errors, and ensured data security, allowing the bank to provide more efficient and customer-centric services in the competitive banking industry of Turkiye.