The road to success is strewn with the bodies of inefficiencies. The guide map that helps you to avoid the many obstacles? Intelligent capture (IC). By cleverly adding artificial intelligence to the first steps of your business processes, IC is the key to easily capturing Know Your Customer (KYC) data from paper and electronic mail. IC can even help you structure all kinds of documents. Read on as we show you how it creates better business and happier customers.
Intelligent capture combines different artificial intelligence technologies to convert any human readable content – be it text, video, or image – into digital and actionable information. For example, through optical character recognition (OCR) and machine learning (ML). However, IC does more than just convert. It also automatically extracts information and organizes that data. By doing so, it creates the basis or trigger for further automation.
Climbing the paper mountain and unstructured hill
Most processes start with an email, paper documents, or other type of content from which customer details need to be captured – whether it is in your mailroom or you’re trying to onboard clients. In this first step, employees often manually copy information from a paper file into the right digital systems. Even companies that have made the digital switch need to do this as information in emails is often too chaotically structured to be easily transferred to CRM applications or case management systems, for instance. But if we apply artificial intelligence to extract this so-called KYC data via intelligent capture, the story becomes quite different.
One step ahead with six advantages of IC
Applying artificial intelligence to your capture processes with IC is more than just a check on your buzzword list. There’s a plethora of advantages that you gain. It’s one of the reasons we at Docbyte have added intelligent technologies to our capture product. IC brings six major improvements to your workflow, enabling you to:
- Improve customer retention and acquisition: Service level expectations are increasing and people hate waiting. With IC you can actually meet those demands and gain or retain more customers in less time. An intelligent onboarding experience makes it fast and easy to open a new account or apply for a loan and more. Moreover, you can attract the mobile-first generation as a phone or tablet often provides the necessary hardware.
- Reduce administration: Putting emails in the right folder, copying information into business applications – it’s tiresome and boring work. A mailroom with intelligent capture can do this for you. Having fewer repetitive administrative tasks makes your employees’ jobs more interesting and gives them time to focus on what matters: the customer.
- Add more automation: High-quality KYC data and the necessary document metadata are an intrinsic advantage of IC in and of itself. It also makes it easier to automate your organization even more, unlocking more digital transformation possibilities and reducing the cost of innovation.
- Reduce costs: You’re already reducing the cost of innovation, but IC’s ability to automate large parts of your processes results in even more cuts in expenditure. This is mostly done by speeding up processes and becoming more efficient.
- Improve compliance: Worry-free compliance – sounds like a dream, right? Not with IC. Having AI handle data extraction reduces human error, improves quality and accuracy. Moreover, digitization can add tracking and secures documents.
- Increase insight into customers and the company: Intelligent capture ensures you have more digitized and correctly classified data. This can be fed to any analytics tool to turn data into insights for action.
Are you baffled by the wonderful world of intelligent capture? Then contact one of our experts and we’ll talk about how your organization can benefit from this technology. Or read our whitepaper on capturing data intelligently.