İşbank chooses Instabase to streamline money order processing

By Gloria Methri

İşbank, the Turkish private bank, has announced a partnership with Instabase, the AI platform for unlocking insights from unstructured data. The partnership, which was facilitated by Maxitech, aims to transform the way İşbank processes money orders in the first phase, a task traditionally bogged down by the complexities of unstructured data.

Every day, İşbank receives approximately 30,000 pages of customer money orders, with a significant portion requiring manual classification and data entry.

The partnership with Instabase introduces an innovative solution for the Commonfax use case. This solution leverages artificial intelligence to automatically classify, extract, and validate data from these documents.

As a result of implementing this technology, İşbank has achieved improvements in efficiency, increasing the successful classification ratio from 41.4% to 85% and the successful extraction ratio from 22.5% to 75%.

Instabase has built the Commonfax use case together in partnership with İşbank and will significantly reduce manual effort as well as improve classification and extraction accuracy. It represents a first use case to reduce the operational burden on employees, with many more on the way.

“At İşbank, we are constantly seeking innovative solutions to improve our operational efficiency and customer satisfaction. Partnering with Instabase and leveraging their advanced AI technology, facilitated by our subsidiary Maxitech, enables us to revolutionise money order processing, reducing costs and improving service delivery. We are thrilled to be the first in Türkiye to deploy such a cutting-edge AI solution, which has yielded evident and measurable benefits to our business,” said Meltem Vural, head of Enterprise Architecture.

Burak Arik, CEO of Maxitech, expressed his enthusiasm. Maxitech, a Silicon Valley-based subsidiary of İşbank, identified Instabase and enabled this partnership, “At Maxitech, we are committed to solving today’s enterprise challenges with tomorrow’s technologies. This partnership embodies our mission to bridge the gap between truly disruptive startups and industry-leading enterprises. Utilising our extensive network and deep market insights, we are positioned to bring Instabase’s transformative potential to a broader range of enterprises.”

Darragh Byrne, Partnerships Lead at Instabase, said, “We are thrilled to partner with İşbank and contribute to their digital transformation journey. By utilising the Instabase-powered Commonfax solution, İşbank can streamline their money order processing, enhance accuracy, and provide faster services to their customers.”