Visionet’s DocVu.AI helps Celebrity Financial improve accuracy while reducing costs and the time taken for document processing.
– IBS Intelligence

2000+ Mortgage Document types | 1500+ Fields | 1000+ Business Rules

Despite considerable advances towards digital transition worldwide, many businesses still spend a significant amount of time manually processing data from a large number of documents. Various facts and data have to be processed and recorded manually due to the nature of electronic information such as PDFs, photos, spreadsheets, and even multimedia content like video.

With its ability to grasp the semantics or the context of the data being assessed and provide insights, Artificial Intelligence (AI) can address these difficulties and help in improving the efficacy and efficiency of data processing. AI can materially improve data extraction with high accuracy via intelligent document processing (IDP), a process that automates data extraction from unstructured and semi-structured documents to then convert it into structured and useful data.

Celebrity Financial is a group of financial services firms that focus on the improvement of financial education and awareness, the delivery of seamless solutions, and a strengthened financial position for individuals and businesses alike.

The group undertook numerous acquisitions, which led to different processes for a mortgage in the company. Loan officers of each acquired company followed their own naming conventions for loan/borrower documents. This created considerable issues, such as multiple naming conventions for documents for the purpose of underwriting, and the result was several rejected applications and loss of business. To overcome these issues, Celebrity Financial selected Visionet for implementing an AI/ML-powered document processing system.

Visionet, a premier digital technology solutions company built on the premise of disruptive innovation, has delivered solutions across sectors like CPG, Retail, Banking & Financial Services, Food & Beverage, Manufacturing & Distribution, and Life Sciences. The firm has signed strategic technological alliances with the likes of Microsoft, Google, Salesforce, Adobe, and AWS.

Project and Solution Overview

Celebrity Financial had set up a centralised underwriting team. However, due to a lack of standard process, it encountered issues such as loss of business and a high number of rejected applications.

DocVu.AI uses the power of computer vision (CV), AI, and ML to transform information on documents into data that machines can process. This transformation is for structured, semi-structured, and unstructured data. It can process tables, long-form text, signatures, and handwriting into digital information. DocVu.AI can also integrate with the client’s core systems.

Further, DocVu.AI acts as the gatekeeper between the loan officers and the client’s centralised underwriting team to ensure that the mortgage application is complete and complies with client requirements. The solution can also be configured to meet the process requirements to match industry regulations using the business rules engine. The process followed by the system is:

• The solution receives mortgage applications from the client’s head office electronically (via APIs) and classifies the 500 different documents per a standard naming convention.
• Several data fields are extracted.
• Extracted data is run through a rules engine for validation and comparison as per a pre-configured checklist.
• Loans are scored based on the checklist. Loans that meet a specific threshold qualify for underwriting.
• The rejected files are pushed back to the loan officers for corrections or additional information/documents.

Along with mortgage document processing, DocVu.AI can be implemented in insurance application processing, insurance claims processing, financial auditing, and KYC processing in retail banking, which tends to consist of many paper-based documents, stringent change regulations, and high customer expectations.

In Dec 2021, DocVu.AI launched its Insurance Document processing module. The insurance module has features that cater to the unique demands of insurance claims processing. DocVu.AI has configurable workflows for Insurance that ensure that the document processing workflow meets the needs for Insurance claims processing and the organization’s process flows. The pre-underwriting module processes the documents and extracts information required for underwriting. It also has business rules that highlight any discrepancies that need investigation before the underwriting process begins.

In April 2022, DocVu.AI will update its insurance module with features for policy servicing and enable DocVu.AI to fulfill Customer Onboarding, Policy Servicing, and Claims Processing.

Implementation Process

DocVu.AI was implemented in eight weeks from the date of contract to production.

Implementation efforts were involved for:

• API integration with client’s core systems for document and data exchange.
• Configuring the AI/ML models to identify variations in loan documents using client-provided samples.

During the deployment, the implementation team continuously engaged with Celebrity Financial’s unit and executed the implementation plan showing strong collaboration and transparency. DocVu.AI’s implementation dashboard sent daily milestone updates of progress made in the implementation process, which enabled a smooth transition.

These aspects ensured a quick implementation of DocVU.AI configurations to fit into Celebrity Financial’s unique process and systems, resulting in 100% capacity on day one.

Benefits Achieved

This project provided several benefits for Celebrity Financial. Through the document naming standardisation across the organisation, the highly scalable cloud-based architecture of Visionet’s solution was able to easily accommodate multiple process flows/workstreams. Other benefits achieved include:

• More than 25% higher underwriter productivity, leading to an increase in the client’s capacity to handle 25-30% more loans each month.
• 98% accuracy on output due to use of AI/ML-based training models for document identification i.e., significantly low errors in data/documents.

Conclusion

As a result of this implementation, Celebrity Financial was able to effectively transition to a new document processing system with a host of other features that ultimately helped to bring speed, accuracy, and cost-effectiveness, thereby reducing customer waiting times, improving customer satisfaction, and providing a competitive edge.

Key Facts

Supplier: Visionet Systems Inc
Headquarters: United States of America
Founded: 1995
Client: Celebrity Financial
Solution: DocVu.AI
Timeline: Go-live in 2020