Smarter Document Indexing: Capitalizing on the Advantages of Automatic Data Extraction
Banks and credit unions manage hundreds, if not thousands, of documents daily, making it crucial to streamline the process of document retrieval. Document management and automatic data extraction play a key role in streamlining workflows, improving compliance, and enhancing data accuracy. By automating these processes, financial institutions can reduce operational costs, mitigate risks, and deliver faster, more efficient customer service.
Alogent is dedicated to advancing innovation in the banking tech industry by offering state-of-the-art solutions that simplify and accelerate document management, making it faster and more efficient for banks and credit unions to service their account holders.
Natively available within FASTdocs, its OCR Click Indexing feature makes this a reality by enhancing accuracy, minimizing manual keying, and streamlining data extraction. Using optical character recognition (OCR) to automatically capture alpha and numeric text from digitized documents, FASTdocs applies the extracted data directly to the document’s index, eliminating the need for manual data entry. By transforming complex workflows, the ECM solution significantly reduces keying errors and accelerates data access, improving the speed and accuracy of document search and retrieval for back-office teams.
The Case for Upgrading Document and Content Management Systems
Consider this scenario: At ABC Financial Institution, the loan processing department faces significant delays due to a content management system that lacks efficiency features, resulting in excessive manual data entry. As employees manually index loan applications, they spend hours searching for documents, leading to frustration and decreased productivity. Not all document management solutions are the same; advanced systems leverage intelligent technologies to automate document routing and retrieval, offering a clear return on investment.
Leveraging OCR to Enhance Process Automation
FASTdocs’ OCR Click Indexing improves productivity and compliance. Here is how it works:
Automatic Data Extraction
When a user clicks on a field, keyword, or phrase, the text is automatically extracted and applied to the document’s index. This eliminates the need for manual keying, significantly reducing errors and saving time.
Faster Search and Retrieval
By categorizing documents based on key fields and phrases, employees can search for and retrieve documents using keywords, making the process faster and more efficient.
By implementing a solution like Alogent’s FASTdocs, ABC Financial Institution can significantly streamline its operations. Features such as FASTdocs’ OCR Click Indexing enable the loan department to accelerate indexing and reduce document retrieval times. Employees can quickly categorize, store, and access documents in seconds. This boost in back-office efficiency not only enhances productivity but also improves account holder satisfaction, as loan approvals are processed faster.
A Solution Designed for the Future of Content & Information Management
FASTdocs, part of Alogent's ECM suite of solutions, offers advanced capabilities to streamline data extraction, and document archival, retrieval, retention, and disposal, ensuring quick access to accurate information. This enables financial institutions to respond promptly to account holder inquiries and regulatory requests, enhancing overall operational effectiveness.
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