DEV Community: PowerCred

Use SelfServe to supercharge business processes with Gen AI

PowerCred — Tue, 16 Apr 2024 11:55:29 +0000

In any business, automation is key. But, it’s always not clear as to what processes within the business need automation before the rest. As a general rule of thumb, if you find yourself doing something manually twice, it needs to be automated.

Now for a growing business to get the right customer many a time they need to deep dive into details like invoices or other financial documents. And this would mean either you or one of your employees will have to dedicate his entire time to do this, every single day.

So within our team, to ensure no one goes through this again; we built SelfServe that does all the heavy lifting for you. From digitizing any document to converting them into actionable insight, SelfServe does it all.

But to understand why SelfServe is so helpful, you should know the problems in traditional OCR tools.

Traditional OCR: What’s Lacking

Let’s consider the banking industry, with so many banks out there, there are endless types of bank statements.
In case of bank statements, the fields indicating important data might also vary from one another.
For example, sometimes the currency is in dollars, in other cases it’s in Rupiah. Most of the time the formatting is all over the place, and all this causes major problems for traditional OCR.
You could say that a human can read such variations pretty easily. We do so by skimming a document where we know where to expect localized data. But in the case of us, the problem lies in the amount of time spent.
So what’s the solution to this?

OCR supercharged with Gen AI

Enter: SelfServe. Now SelfServe (as we like to call it; meaning anyone can use it ) is an “Intelligent Document Parser”, that completely digitizes and automates the processing of any sort of variable document (bank statements in our case).

Now when we say “variable documents” here means documents that have similar data but in totally different formats.
SelfServe understands this and allows the user to upload any document of any format and uses Gen AI to improve and speed up the processing of any such documents

How does it work?

Two major parts by which SelfServe improves the process.
First, since SelfServe makes use of Gen AI to process documents, there is no need for training models.
If you have a specific field that needs to be reviewed simply enable it while selecting the outcomes you need. Yes, it’s that easy!
As a result, your developer or risk team or anyone who works with a lot of documents and data can make use of this to 10x their productivity.
Next time, you come across any document you won’t be bothered with the type or format of the document provided.
This itself is a huge advantage of using SelfServe.

The other part would be Data Validation and Visualization. It is super easy to check for fraudulent documents as SelfServe comes with a fraud detector within its modules.
You can cross-verify documents and compare them to samples that you know are authentic.
Not just that, SelfServe also helps you extract and visualize trends that are relevant to your industry.

For example, a lending fintech startup would be interested to know ”how many recurring monthly emis their potential customer has” thus helping them to assess the client’s creditworthiness quicker.

Traditional OCR does not work like this at all.

Such a humanized yet digital and automated approach is what SelfServe is trying to take when it comes to document parsing.

So that’s how we at PowerCred are making use of SelfServe to automate and speed up our document processing.

Did you face any challenges with document parsing? Let us know in the comments below how you solved them!!

3 Ways to Use AI to Automate Business Operations

PowerCred — Fri, 12 Apr 2024 09:32:32 +0000

Trying to understand how AI can make your job easier? If you’re working with a lot of documents, you might want to start digitizing first.

Generative AI is the biggest tech story since 2023 with tools like Open AI’s Chat GPT setting a record of reaching 100 million active users in just 2 months of launching.

But does it have any real impact on B2B industries? Especially on the heavily regulated ones.

Well on the face of it a lot of companies will deny so; stating that their employees are capable of doing so themselves.

This is true, but recent studies tell that employees are now far more aware of data & analytics because of the daily usage of Gen AI tech.

> The percentage of whether a business had “ established a data analytics culture” increased from 24% to 48%. — Harvard Business Review)

Now of course it’s not chat gpt, that simplified the process but it certainly led to other gen AI tech that did so.

Take, for example, the financial sector which always had a history of having a long approval process being completely transformed with the recent developments in OCR technology.

For any financial institution that offers lending solutions to either a customer or a business, having an OCR tool is essential.

In this blog, we will discuss how AI can improve and accelerate your daily operations.

How using AI tools can supercharge your business operation

Any business operation involves a lot of documentation (either digital or physical), which invariably takes a lot of manual effort.
This is where AI tools can come in and simplify the process for you and your team. Here are some ways it does so.

1. Intelligent Data Extraction

Businesses to offer any service or product to the customers always ensure that it's the right customer. And to do so they ask for documents like bank statements, invoices etc.
This process allows the business to quickly provide its services to deserving clients.

For instance, a_ lending startup needs an OCR tool _to scan the customer’s existing bank statements and extract relevant information like name, opening and closing balance, no of recurring payments etc.

This information can be then compared to other data sources like credit and bureau reports to identify potential risks.
Gen AI-powered tools can extract specific data from customer documents, thus reducing the time it takes a credit officer or risk assessment office to make the final call.

2. Document Verification

Along with extracting the right data from a document, it is critical to ensure the authenticity of the documents provided by potential clients.
This process typically involves software that can identify forged or altered documents by comparing them to the original ones in its database.

Let’s say when a customer submits their bank statement to assess their expected loan amount, the document verification tools analyze these statements against a database of known statements from that particular bank. This way any tampered document is rejected immediately.

Gen AI tools also cross-verify the authenticity of the customer by checking the docs against government databases and other trusted sources.

3. Enhanced Customer Experience

“Customers are always right”; And as such ensuring that the “right” customer gets an amazing experience is crucial for any business, especially for fintech and other SaaS companies.

By making use of AI tools like SelfServe, an Intelligent Document Parser (IDP) by PowerCred you can reduce the time gap between a customer starting their onboarding journey to using the product/service, improving their overall experience.

In addition, having access to alternative data sources helps B2B businesses better profile their customers. This opens up a lot more opportunities; both for the business with increased loyalty and for the customer with her/him receiving better products and services.

To sum up

While AI-powered tools have everything it takes to accelerate the tech and marketing side of your business, they can do so much more. Right from the get-go, your business has to first collect documents and extract the information it needs from clients.

This presents an opportunity for you as a business to provide a positive and efficient customer experience right from the start.
By relying on IDPs you can ensure that your “actual” customers are never lost in the clutter.

Now with all that being said, it’s safe to say that Gen AI tools will continue to play an important role in the B2B landscape, ensuring that the industry remains secure and efficient.

To learn more about PowerCred’s Intelligent Document Parser, visit SelfServe.

_We're LIVE!!! _

And

It’s free.

3 Ways to Use AI to Automate Business Operations

PowerCred — Fri, 12 Apr 2024 09:32:32 +0000

Trying to understand how AI can make your job easier? If you’re working with a lot of documents, you might want to start digitizing first.

Generative AI is the biggest tech story since 2023 with tools like Open AI’s Chat GPT setting a record of reaching 100 million active users in just 2 months of launching.

But does it have any real impact on B2B industries? Especially on the heavily regulated ones.

Well on the face of it a lot of companies will deny so; stating that their employees are capable of doing so themselves.

This is true, but recent studies tell that employees are now far more aware of data & analytics because of the daily usage of Gen AI tech.

> The percentage of whether a business had “ established a data analytics culture” increased from 24% to 48%. — Harvard Business Review)

Now of course it’s not chat gpt, that simplified the process but it certainly led to other gen AI tech that did so.

Take, for example, the financial sector which always had a history of having a long approval process being completely transformed with the recent developments in OCR technology.

For any financial institution that offers lending solutions to either a customer or a business, having an OCR tool is essential.

In this blog, we will discuss how AI can improve and accelerate your daily operations.

How using AI tools can supercharge your business operation

1. Intelligent Data Extraction

2. Document Verification

Gen AI tools also cross-verify the authenticity of the customer by checking the docs against government databases and other trusted sources.

3. Enhanced Customer Experience

“Customers are always right”; And as such ensuring that the “right” customer gets an amazing experience is crucial for any business, especially for fintech and other SaaS companies.

By making use of AI tools like SelfServe, an Intelligent Document Parser (IDP) by PowerCred you can reduce the time gap between a customer starting their onboarding journey to using the product/service, improving their overall experience.

To sum up

Now with all that being said, it’s safe to say that Gen AI tools will continue to play an important role in the B2B landscape, ensuring that the industry remains secure and efficient.

To learn more about PowerCred’s Intelligent Document Parser, visit SelfServe.

_We're LIVE!!! _

And

It’s free.

Document Parsing Tools : What You Should Know

PowerCred — Thu, 11 Apr 2024 07:07:20 +0000

Individuals and businesses no longer rely on manual ways to collect data crucial for their business in 2024.
And the rise of Document Parsing Tools has played an important role in automating entire workflows increasing efficiency and accuracy.
With such tools, people will not just save time & resources but also be capable of making well-informed decisions.

So if you are starting your journey in the world of data extraction and analysis here is everything you need to know about document parsing tools.

Facts you can’t miss!
No matter how good people are at their work, a document parser will increase their productivity and efficiency.

So you can work smarter, not harder.

Teams in every industry use such tools in their unique ways. But it’s essential to do research on the individual tools before going for one.
Intelligent document parsing market size is set to reach USD 122 billion by 2035, growing at a CAGR of 40.50%.

With AI in the mix of things, intelligent document parsing tools like SelfServe by PowerCred have come up; which not only extracts data but also interprets it according to the industry

Pro Tip : Try going for Document Parsing Tools that give customisable o/p’s and a free trial period.

How does a document parser work?

As we talked about in our last article, document parsers use optical character recognition to analyze documents
If you haven’t read it yet. You can do so here.

In simple words, the parser divides the documents into different sections like tables, headings, and paragraphs. Then identifies patterns that are relevant to most people.

Now Parsing could be done in 2 major ways

Rule Based parsing
Learning-based parsing

Rule-based parsing: These tools use predefined rules to recognize specific patterns in text. Suitable for structured documents like invoices and money orders. Here the user has to define a template that the parser uses as a reference to extract data.

Learning-based parsing: Tools that utilise AI along with predefined rules and models to identify complex patterns. Here the user has to train the tool using numerous unstructured documents and prepare the tool for extracting that specific data.

Now to go even further Intelligent Document parsers like SelfServe are now document agnostic and capable of checking for tampers and fraud within the uploaded doc.
All this with zero training time required.

Now that you have a fair bit of idea about Document Parsing tools, let us see how they are being utilized.

If you also want to know how an Intelligent Document Parsing tool can help your business, read our last article.

Document Parsing in Action

Individuals and companies generally use document parsing wherever they want to efficiently capture, evaluate and understand large volumes of data from documents.

Here are some classic use cases with industry relevance:

Financial services

Banks and other financial institutions generate data and profile their customers using invoices, bank statements and other transactional documents.
For them to a document parser is primarily to extract and sort financial information like balance, no of monthly emis, transactional details and more.

Benefits

Decision Making:
Document parsers enable credit officers to make faster and well-founded decisions.
Risk reduction:
With customisable and accurate data, banks can profile their customers better and reduce risks of fraud. Document parsers even further lower the risks associated with human error

Healthcare

In healthcare, private hospitals and public healthcare facilities generate large amounts of patient data every day. Most of this data can be used to provide a specific service to the patient.
With document parsing tools, Hospitals can now self assess the financials of a patient and provide them with immediate support, instead of waiting for confirmation from insurance providers.

Benefits

Improved patient care:
Doctors have immediate access to consistent, complete patient data, leading to faster and seamless checkups.
Efficiency improvement:
Automated processing of patient data reduces the workload and the over-dependency of the hospital with insurance providers.

Insurance
Insurance companies utilize document parsing to analyze daily damage reports, comprising photos, damage reports, and policy documents. This process extracts crucial details like the cause, amount, and time of the incident from diverse formats.

Benefits

Fast payouts:
Automated claims processing would enable insurance companies to process faster thus speeding up payouts to policyholders
Customer Satisfaction:
Fast and efficient claims settlement leads to greater customer satisfaction and strengthens the reputation of the company

Parting Shot

Document parsing is like what the calculator was for an accountant when it was first invented. Aimed to optimize operations, enhance data accuracy, and achieve efficiency at scale.
In the modern business scenario, which mainly depends on speed and accuracy, individuals and businesses alike need to understand the importance of using a document parsing tool in their everyday practice.

It’s time to start your document digitization journey.

We are ready, Are you?

Digitize all your documents and turn them into useful data with SelfServe.

Don’t Wait up.
Sign up for FREE today!
**

Crack the Code: Document Parsing Made Simple

PowerCred — Fri, 05 Apr 2024 08:45:07 +0000

Swimming in piles of paper documents every time a new customer is onboarded? Wondering how to transform those documents into actionable data? Optical character Recognition is probably your best bet. This guide tells how Optical Character Recognition tools coupled with AI capabilities are here to make your life easier

But first, what is OCR?

In simple terms, OCR enables businesses in various industries to convert physical documents into digital text, saving time and effort. Imagine you have a paper invoice, you have to first scan it onto your computer. This file is now a picture file which you obviously can’t extract information from. OCR changes that, it takes that pic and turns it into whatever type of file you need.

And OCR, coupled with AI takes a step further. This is what we call_ Intelligent Document Parsing_ where it not only converts the file but also verifies and extracts data that you specifically are looking for-monthly recurring EMI payments, contacts, or accounts, for example.

Introducing SelfServe an Intelligent Document Parsing Platform

We at PowerCred after working all these years with banks and financial institutions built SelfServe, an Intelligent Document Parser which converts documents into clean customisable data.

No additional AI model training required

With SelfServe, neither do you have to train AI models nor be a tech expert. The user interface is super easy to use and intuitive. You can set the specific data you need to collect.

So, instead of wasting your time training AI models, you can do more productive things

Works for Many Kinds of Documents

The best part about IDPs like SelfServe is the fact that they are document-agnostic platforms. This means it doesn’t matter what kind of document you want to parse; the system is versatile and suitable for any business and individual needs

Not just that.

Even file types won’t matter as any good IDP supports all popular formats like PDF,JPG,PNG and TIFF. So you can use it with whatever files you receive.

Compliance and Security

For industries dealing with sensitive and confidential information, such as legal, finance, and government sectors, maintaining compliance and security is of utmost importance.

PowerCred’s Intelligent Document Parsing reinforces security by automating the verification and authentication process of sensitive data. This ensures that the OCR-extracted information undergoes rigorous checks, protecting against unauthorized manipulation or tampering. Compliance is strengthened, and stakeholders’ trust is secured.

Dig Deep with Advanced Data Analytics

Unlock detailed insights with advanced data analytics through an OCR tool that goes beyond simple data extraction.
This is where SelfServe outshines the rest, it extracts metadata, recognizes keywords, and analyzes context for valuable data-driven decisions.

Empower your business with streamlined processes, targeted marketing strategies, and increased profits.

In Conclusion

Whether you're in finance, healthcare, legal, or beyond, making use of an IDP tailored to your unique needs is going to supercharge how you function. From streamlining workflows to driving decision-making, the possibilities are limitless.

Sounds too good to be true?

Don’t take our word for it and try it out yourself.

Drop your mail in the comments below for exclusive early access to PowerCred’s Intelligent Document Parser.