Press Release

KlearStack’s AI delivers 70% cost reduction in Document Processing Operations for Banks

AI-driven document processing platform, KlearStack helped a major bank reduce their document processing costs by over 70% and improved productivity by more than 100% using machine learning and NLP.

KlearStack, an AI-based document processing software, has delivered extraordinary results for a well-established bank.  The bank observed a 300% improvement in turnaround time for processing loans, a 70% reduction in document processing operational costs, and more than 100% improvement in team productivity as they saved up to 15,000 manual hours each month. 

On an average, most major banks have to process millions of documents per month, especially when dealing with consumer loans. Manual document processing of consumer loans often results in slower processing times, high operational costs, data entry inaccuracies, and a lack of agility that hampers the long-term growth of the banks. 

Realizing this long-standing problem, KlearStack utilized an AI-based solution to digitize the operations of a major bank with outstanding results. According to reports, the bank witnessed a significant improvement in business agility, and consumer and dealer experience. Processing of documents and loans during peak season became hassle-free. This was achieved using KlearStack’s end-to-end automated document processing solution.  

KlearStack’s proprietary data extraction technology is able to accurately extract data and interpret documents using Machine Learning algorithms and Natural Language Processing (NLP). 

The process begins with the bank employees across the country clicking the pictures of the documents like invoices, NACH mandates, and insurance policies using their mobile phones. These document images are uploaded to KlearStack SaaS in real-time over a highly secure connection. KlearStack processes these documents online. 

The first step in document processing is automatically identifying and rejecting bad-quality documents. The documents are then classified into different categories like invoices, NACH mandates, insurance policies and other document types. 

Thanks to KlearStack’s machine learning models that are continuously trained to understand and interpret the data from free-form documents, the data from each of the uploaded documents are successfully validated and straight-through processing was finally achieved using KlearStack’s three-layered data validation and transformation process flow. This data is then seamlessly integrated into the bank’s existing downstream system, where loan approval and disbursal take place now in minutes rather than in hours. 

To know more about the unlimited functionalities offered by KlearStack’s AI-powered document processing platform, visit www.klearstack.com.

About KlearStack

KlearStack is a multiple award-winning AI-based solution, that is being used by global brands and Fortune 100 companies across multiple verticals. Its document intelligence-driven automation capabilities are now fast gaining traction in various fields with document-centric processes in banking, trade, invoice processing, inventory management, supply chain automation, and many other spheres.

 Media Contact

Company Name: KlearStack Inc.

Contact Person: Ashutosh Saitwal

Email: hello@klearstack.com

Website: www.klearstack.com

Country: United States

Image download link : https://app.box.com/s/3cy6nzsw7szsop8vdiin847u4orrv9u1

Adriaan Brits

Adriaan Brits is a multi-sector analyst and business consultant with notable commentary on the S&P500. He loves to evaluate fast-movers and to be ahead of the trend.

Share
Published by
Adriaan Brits
Tags: KlearStack

Recent Posts

Finartmedia Review: Trade the Forex Market Like A Pro

Forex trading can be simplified with the right brokerage account. Trading has been attracting a…

14 mins ago

Roisea: Become an Affiliate Partner

Apart from making money from online trading, there are also other opportunities for you to…

19 mins ago

What is Flaggle? A flag word game, guide to play

The players who prefer to play Wordle find spin-off puzzle games, especially of their favorite…

34 mins ago

Here’s How “Elvis” (Free) online streaming – Where To Watch

Warner Bros! Is Elvis on Disney Plus, HBO Max, Netflix or Amazon Prime? Yes, we…

7 hours ago

What’s Forbes8? The New Global Platform For Entrepreneurs And Business People 

In November 2019, Forbes launched its Forbes8 streaming platform, a video-on-demand network that debuted a…

8 hours ago

Embedded Fintech Services Platform Colendi Acquires London-based Enterprise Blockchain Company SETL

Partnership aims to create a new public blockchain infrastructure that will be used to host…

10 hours ago