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Banking & FSP blog series: Automated reading of mortgage documents with IDP – 02 pension fund statement

In this blog series for banks and financial service providers, we will focus on various documents from the mortgage dossier, from which all data can automatically be read out with IDP.

Thousands of mortgage applications with hundreds of document types, hundreds of thousands of document pages and millions of data: The volume of documents and data in mortgage dossiers received annually by banks and financial service providers is enormous. Consistent processing of mortgage dossiers is made impossible by the wide variation in documents and layouts.

In the credit office, manual processes are the result because many of the integrated OCR solutions are too weak for the complexity of the documents. This slows down the financing and mortgage process unnecessarily. The solution to this is Intelligent Document Processing (IDP).

Leading insurance company? Read our ‘Insurance blog series‘ and learn how you can use IDP to automatically read out TARMED invoices, for example, and thus accelerate your claims processing.

In part 01 of the ‘Banking & FSP blog series’, we addressed debt collection register.

In part 02, we touch on the automated processing of pension fund statements.

Pension fund statements vary by insurance company

The pension fund statement contains important data on the personal pension benefits of private individuals. When buying a house, it is common to use pension fund money for this purpose. Accordingly, one of the document types that banks & financial service providers must process as part of the mortgage dossier is the pension fund statement.

The individual items of the data are similar for most pension funds. However, depending on the insurer, the pension fund statements differ in structure and layout. To enter and process the semi-structured pension fund statements, banks and financial service providers have to rely on manual resources, i.e. data entry by employees.

This not only slows down the entire financing and mortgage process, but also increases the number of employees required to do so. Not to mention the potential compliance risks that come with manual processing and the associated proneness to errors.

The high demands of banks and financial service providers to automate more and more processes cannot be met by the manual processing of pension fund statements as part of the mortgage dossier.

With IDP: Banks & Financial Service Providers read pension fund statements automatically

To solve the various challenges of processing mortgage applications, powerful Intelligent Document Processing (IDP) is an excellent solution.

With IDP, banks and financial service providers can read out pension certificates automatically. The data, which is now available in structured form, can then be processed smoothly.

For banks & financial service providers, this not only means an optimized financing and mortgage process, it also frees highly qualified employees in the credit office from unsatisfactory work. Leading banks and financial service providers have every reason to assign their employees to value-added work.

As shown in the sample photo from the platform, banks and financial service providers can automatically extract all relevant data from the pension fund statement. These include the following:

  • Receiver: Name, address.
  • Personal data: Birth date, civil status, document date.
  • Line items: Pension fund statement date, AHV number, salary gross, salary insured, retirement benefit, disability benefits, death benefit.

The pension fund statement is one of 75+ bank-specific document types that is pre-trained and ready for immediate use.

No-Code App for individual customizations to the document type

In the event of additional, specific requirements for a document from the mortgage dossier, banks and financial service providers can easily make independent customizations to the document type using the no-code app.

In part 03 of the ‚Banking & FSP blog series’, we cover the automated processing of land register extractions with IDP.

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