TCS Automated Document Classification and Extraction
For increased efficiency and productivity
Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Artificial Intelligence
Shape the future with human-first AI
Highlights
- The mortgage industry generates a large volume of data.
- However, indexing and extraction of data largely remains a manual process.
- TCS combines the power of OCR with AI/ML and computer vision to help lenders achieve data automation with increased security and efficiency.
Overview
The mortgage industry is a document heavy one, yet document digitization remains at a nascent stage.
While documents are ingested electronically, they often need to be manually indexed and extracted. This results in human errors, data breaches, inefficient access controls, and inconsistent data handling, which in turn leads to increased risk of fraud and higher operational costs.
It is, therefore, crucial for mortgage firms to streamline the data entry process to ensure optimal functionality of subsequent downstream systems. Incorrect data can lead to delays in processing borrower’s applications and impact loan decisioning and customer experience. Further, such data errors can result in non-compliance, exposing the mortgage firm to legal risks and penalties.
While Optical Character Recognition (OCR) can help address some of these concerns, it falls short when dealing with semi-structured, unstructured, or handwritten documents. A document must be formatted according to approved rules for OCR to be able to process it. In addition, once the physical document is digitized, OCR does not extract content or interpret the data and requires human intervention.
With a human-machine teaming model and cloud-first approach, TCS Automated Document Classification and Extraction solution leverages machine learning (ML) algorithms to automatically classify and extract data. It ensures that data is organized from the start of the borrower’s journey, thereby improving operational efficiency and reducing cost
Solution
TCS Automated Document Classification and Extraction blends modern technology with business context.
The solution utilizes OCR only for a part of the document processing. It leverages machine learning in combination with advanced AI/GenAI technologies to mimic human cognitive abilities. It captures and digitizes documents and enables classification and extraction of relevant data. This data is then automatically distributed to the correct workflows.
Core technologies include: OCR, Artificial Intelligence (AI), Machine Learning (ML), GenAI, and computer vision.
Features:
Document Classification - The solution applies its machine-learned models to automatically identify the beginning and end of a document. It handles the variations in the structure of the documents, enabling classification based on type.
Data Extraction - Using rule sets that are tied to classification, the solution auto-extracts data from the document. These rules can differ for each document. This data can then be routed to multiple destinations such as a loan origination system (LOS) or a repository.
Validation/Exceptions - The tool integrates confidence scores from OCR, machine learning and business taxonomy to identify missing pages and low-quality data.
Pre-trained model - The solution is pre-trained on 200+ unique mortgage structured & unstructured documents.
AI/ML based document digitization solution
AI/ML based document digitization solution
Business benefits
With the solution, mortgage service providers can drive data automation, enhance accuracy and ensure compliance.
Accelerated Processing - Leverage machine learning to digitize documents and extract relevant information. Contextualize data based on business rules and improve processing speed, with ~ 92% of 50 pager documents processed in less than 5 mins of ingestion.
Improved Efficiency - Ensure minimal human intervention and free up time for business-critical work. Speed up the response time, improve service and drive revenue.
Reduced Cost - Eliminate manual indexing and extraction and reduce overhead costs. Achieve ~ 50% improvement in processor productivity.
Minimized Errors - Reduce the risk associated with poor data entry, realize > 95% classification & > 80% extraction accuracy.
Quality Decisions - Make improved business decisions by validating extracted information with business taxonomy to achieve a higher confidence score.
Faster Turnaround Time - Improve ROI with GenAI capabilities. Achieve up to 80% reduction in cycle/turnaround time.
TCS Advantage
TCS brings decades of experience and deep contextual domain knowledge to the table.
TCS has a large global team of mortgage professionals who work across all the segments of the housing finance industry. The team provides a full spectrum of services ranging from advisory to prototyping, engineering, business process services and digital solutions to customers across the globe.
- Domain and Technology Expertise: With over two decades of experience in mortgages and home lending, we have developed deep domain knowledge and expertise across the value chain. Our offerings & solutions are reinforced by a large pool of contextual experts with well-established IT capabilities.
- Delivery Excellence: We offer flexible, scalable, and convenient engagement models, with a massive delivery center footprint, providing our clients access to geo-specific language capabilities with a comprehensive understanding of local regulations.
- Experienced Transformation Professionals: TCS has a balanced delivery presence in established and emerging markets such as the US, UK, Europe, Latin America, and Asia. We support a diverse portfolio of clients, comprising large banks, non-banks, mortgage servicers, credit unions, mortgage insurance companies and FinTechs.
- Industry Leader: TCS has been consistently ranked as a leader vis-à-vis its peers by industry analysts. Our robust capabilities in implementing and running large-scale mortgage operations with a focus on delivering digital technology-enabled operations is reflected in our long-term engagements.
