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Banking & FSP blog series: Automated reading of mortgage documents with IDP – 05 tax declaration

In this blog series, we focus on typical document types from the mortgage dossier. With Intelligent Document Processing (IDP), leading banks and financial service providers can automatically extract all relevant data from it, reduce costs, accelerate the financing and mortgage process, and thus regain their agility.

Before a bank or financial services provider will grant a loan, not only must the affordability of the applicant be right, but also the ratio of equity to the purchase price of the property. Banks and financial service providers pull the composition of assets from the tax declaration. Hopefully, simply not manually, otherwise the turnaround times of mortgage and financing applications are unnecessarily delayed and costs are increased.

To prevent this from happening, banks and financial service providers can use Intelligent Document Processing (IDP) to capture and extract the relevant data for solvency verification from tax declarations in a completely automated way. And thus reduce not only the turnaround times for mortgage and financing applications, but also the costs.

Manual entry of tax declarations undesirable for executives

As soon as relevant data has to be entered manually from documents, this leads to delays. This is no different in the case of tax declarations in the mortgage dossier. It is a pain in the neck for executives if their highly qualified employees have to struggle with the manual entry of data from tax declarations just so that they are in the system and can be processed further.

An enormous amount of operational efficiency is lost here, which could actually be regained quickly with the right solution.

A central solution for document extraction and automation is therefore the key to automatically reading credit application documents such as tax declarations, among other things. Leading banks and financial service providers are nowadays dependent on precisely such solutions in order to be able to distance themselves from the competition not only through price, but also through service quality.

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With IDP: Banks & Financial Service Providers read out tax declarations automatically

Intelligent Document Processing (IDP) puts an end to the manual entry of tax declarations. And 300 other document types, by the way. Thanks to AI-based, powerful IDP, a single platform is powerful enough to do it all.

As visible in the example photo from the cloud OCR software platform, IDP allows banks and financial services providers to automatically capture and extract all relevant data from tax declarations and use the structured data to process mortgage dossiers faster.

In the case of tax declarations, the following data, among others, is automatically extracted:

  • Receiver: Personal data and address of the taxpayer(s)
  • Line items: Document date, statement period, AHV number, salary partner 1, salary partner 2, main occupation, part-time occupation, total income, loans, securities, life and pension insurance, etc.

No-code app for quick customizations to the document type

If additional requirements are placed on a document from the mortgage dossier, banks and financial service providers can easily make adjustments to the document type themselves using the no-code app. Or they can also create new, individual document types and use the structured data immediately in their loan application or CRM.

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