Transform Your Accounting Workflow with Smart AI Financial Document Processing Solutions

Transform Your Accounting Workflow with Smart AI Financial Document Processing Solutions

Matthew Lv8

Transform Your Accounting Workflow with Smart AI Financial Document Processing Solutions

Back to ABBYY Blog

Overcome the Increasing Challenges of Unstructured Content in Financial Services

Cheryl Chiodi

November 17, 2021

Financial Services is driven by enormous amounts of unstructured data, and the sources of that unstructured data continue to grow in variety and complexity. The ambiguities of these unstructured files make them more difficult to handle than data held in a database format.

Valuable data can be hidden in a variety of sources, requiring employees to comb through volumes of reports, contracts, call center interactions, Customer Relationship Manager (CRM) systems, earnings transcripts, financial filings, email exchanges, survey responses, and other data manually. This is prone to errors and comes at a high cost due to the skilled employees needed for this work.

Overcome unstructured content as an obstacle to automation with Document Skills for financial services.

https://techidaily.com

Unstructured data in financial document automation

Unstructured data promises to yield insight into changing customer needs, allowing financial institutions to keep up with trends, create fit-for-purpose offerings, and most importantly, stay ahead of the competition. However, the domains of structured and unstructured data have largely remained separate, with automated processes primarily focused on structured database files that have defined fields, data types, and parameters.

In an intensively data-driven industry like Financial Services, management and analysis of the large quantities of data, both structured and unstructured, is essential for success in a digitized world. Financial institutions need to be able to quickly turn documents into actionable data , to glean valuable business insight, and understand where automation can provide the greatest value.

workers using NLP in finance

Natural language processing (NLP) in Finance

Natural language processing (NLP) helps financial institutions unearth valuable data and facts from unstructured documents and optimize the tedious review of complex documents such as financial reports, statutory orders, constituent documents, contracts, agreements, property descriptions, and even news, blogs, and social media content that may contain important details about a customer. The manual investigation that has historically been the solution to gaining insights from these sources, is inherently inaccurate, inconsistent, and provides a greater risk of missing important details.

The ability to analyze these and other data sources efficiently and derive insight from unstructured data can help ensure that banks and other financial services institutions make sound decisions about current and future customers. This under-utilized content can provide meaningful information.

Looking to automate document processes in Financial Services?

We have a skill for that.

Visit ABBYY Marketplace

https://techidaily.com

A marketplace approach

According to Forrester, successful financial institutions will take advantage of partners’ capabilities to move quickly and harness the innovation of others. That is precisely the idea behind the new ABBYY Marketplace , the first digital marketplace for processing and understanding enterprise documents that provides a rich collection of skills, connectors, and assets. Four of the top U.S. banks and many cloud-based companies are providing their business users and citizen developers the best-in-class document and content processing with our easy-to-use, configurable, and pluggable platform, which is ready to use within minutes.

Learn more about how ABBYY is helping financial institutions become more nimble through the power of low-code / no-code in ABBYY Vantage and Marketplace—preloaded with skills, developed by ABBYY and by our partners, to automate all types of content-centric processes.

Explore ABBYY Marketplace

Digital Transformation Financial Services Intelligent Document Processing (IDP)

Cheryl Chiodi ABBYY

Cheryl Chiodi

https://techidaily.com

Like, share or repost

Share

Subscribe for blog updates

First name*

E-mail*

Сountry*

СountryAfghanistanAland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelgiumBelizeBeninBermudaBhutanBoliviaBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBritish Virgin IslandsBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongo (Brazzaville)Congo, (Kinshasa)Cook IslandsCosta RicaCroatiaCuraçaoCyprusCzech RepublicCôte d’IvoireDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard and Mcdonald IslandsHoly See (Vatican City State)HondurasHong Kong, SAR ChinaHungaryIcelandIndiaIndonesiaIraqIrelandIsle of ManIsraelITJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea (South)KuwaitKyrgyzstanLao PDRLatviaLebanonLesothoLiberiaLibyaLiechtensteinLithuaniaLuxembourgMacao, SAR ChinaMacedonia, Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesia, Federated States ofMoldovaMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNetherlands AntillesNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorthern Mariana IslandsNorwayOmanPakistanPalauPalestinian TerritoryPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto RicoQatarRomaniaRwandaRéunionSaint HelenaSaint Kitts and NevisSaint LuciaSaint Pierre and MiquelonSaint Vincent and GrenadinesSaint-BarthélemySaint-Martin (French part)SamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSurinameSvalbard and Jan Mayen IslandsSwazilandSwedenSwitzerlandTaiwan, Republic of ChinaTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States of AmericaUruguayUS Minor Outlying IslandsUzbekistanVanuatuVenezuela (Bolivarian Republic)Viet NamVirgin Islands, USWallis and Futuna IslandsWestern SaharaZambiaZimbabwe

  • I have read and agree with the Privacy policy and the Cookie policy .

  • I agree to receive email updates from ABBYY Solutions Ltd. such as news related to ABBYY Solutions Ltd. products and technologies, invitations to events and webinars, and information about whitepapers and content related to ABBYY Solutions Ltd. products and services.

I am aware that my consent could be revoked at any time by clicking the unsubscribe link inside any email received from ABBYY Solutions Ltd. or via ABBYY Data Subject Access Rights Form .

Referrer

Last name

Query string

Product Interest Temp

UTM Campaign Name

UTM Medium

UTM Source

ITM Source

GA Client ID

UTM Content

GDPR Consent Note

Captcha Score

Page URL

Connect with us

Also read:

  • Title: Transform Your Accounting Workflow with Smart AI Financial Document Processing Solutions
  • Author: Matthew
  • Created at : 2024-09-28 20:37:47
  • Updated at : 2024-09-30 18:01:30
  • Link: https://solve-latest.techidaily.com/transform-your-accounting-workflow-with-smart-ai-financial-document-processing-solutions/
  • License: This work is licensed under CC BY-NC-SA 4.0.