Visionet Systems, Inc., a leading provider of digital solutions to the Banking and Financial Services industry, announced today the launch of DocVu.AI – an AI-driven Intelligent Document Processing (IDP) platform. There are many functions in Banks like mortgages that are document-intensive, and most of these documents are still processed manually, causing delays and errors.
DocVu.AI enables clients to seamlessly extract, analyse, search, and manage datasets from multifaceted, industry-specific contracts, trade documents, and agreements. The users can easily extract information using trained machine learning models. This helps the clients have the quality insights they need to make informed and critical business decisions.
The financial industry has witnessed major shifts recently due to fast-changing interest rates and a dynamic regulatory landscape. To capitalise on these opportunities, the institutions need to automate and transform their current processes. Business data is at the heart of digital transformation, but unfortunately, most of it is embedded in unstructured formats like business documents, emails, images, etc.
“DocVu.AI is the next generation platform that accelerates the processing of large volumes of structured and unstructured data. This allows companies and institutions to leverage new opportunities, improve compliance transparency, power-up automated workflows with valuable data, and achieve faster ROI. We have put in over 30 months of research and development to bring this word-class product in place,” says Alok Bansal, CEO of Banking and Financial Services business at Visionet.
According to Vaibhav Gupta, Head of Banking and Financial Products for Visionet, “DocVu.AI is uniquely positioned to cater to the needs of the mortgage industry with its state-of-the-art AI/ML platform and Visionet’s deep-seated expertise in serving this industry for over two decades. The platform comes with out-of-the-box support for 500-plus documents and variants and 4000-plus data points, with more being added every day.”
Visionet’s mortgage solutions are used extensively across the loan lifecycle, including Loan Origination, Servicing, and Capital Markets by some of the largest banks and leading mortgage institutions. Visionet processes more than 75,000 loans in a month with accuracy averaging over 98 per cent and turnaround time ranging from 30 minutes to four hours.