Banking & FSP blog series: Automated reading of mortgage documents with IDP – 03 land register extract
In this blog series, we will focus on typical document types from the mortgage dossier. With Intelligent Document Processing (IDP), banks and financial service providers can automatically read out all relevant data and thus massively accelerate their financing and mortgage process.
The land register extract is one of the typical documents that banks and financial service providers have to capture and process as part of the financing and mortgage process. However, the different formats depending on the location make it difficult for banks and financial service providers to cover them with an automation solution. This quickly leads to bottlenecks triggered by manual interactions.
With the integration of Intelligent Document Processing (IDP), however, even the unstructured land register extracts can be captured and the data automatically read from them. Leading banks and financial service providers are able to reduce turnaround times and lower costs, which benefits them throughout the entire mortgage and financing process.
Layouts of land register extracts differ
Who is in charge of the land register extracts depends on the country: In Switzerland, it is the land registry office of the respective canton; in Germany, it is the land registry office of the competent district court; and in Austria, the land register is kept by the district courts.
From a purely content point of view, the land register extracts are similar, but they differ in layout. In Switzerland, for example, the unstructured land register extracts vary from canton to canton.
For the financing and mortgage process to run as smoothly as possible, banks and financial service providers must be able to automatically capture, classify and process land register extracts. Something that is not achieved with any modern OCR software and certainly not with a legacy OCR solution.
In part 02 of the ‘Banking & FSP blog series’, we addressed the automatic processing of pension fund statements with IDP.
With IDP: Banks & Financial Service Providers automatically read out land register extracts
Only by implementing a powerful cloud OCR solution such as Intelligent Document Processing (IDP) can leading banks and financial service providers secure a comfortable lead over their competitors in terms of document processing automation.
The resources thus gained can be reinvested by highly qualified employees in value-added work, such as direct customer contact. Nowadays, such factors are valuable in order to stand out in the highly competitive market not only on the basis of price but also, and above all, on the basis of excellent service quality.
As shown in the example photo of the cloud OCR software platform, banks and financial service providers can use IDP to automatically capture and read out all data from the land register extract. And that’s completely without configuring any templates or rules.
Among others, the following data is extracted from a land register extract with IDP:
Line items: Document date (land register extract must not be older than three or six months), commune, mortgages, cadastral number, etc.
Personal data: Name, address, owner, date of birth, etc.
No-Code App for customization of document type
If additional requirements are needed for a document from the mortgage dossier, banks and financial service providers can easily make their own adjustments to the document type using the No-Code App. Or even create new, individual document types and use the data immediately in their loan application or CRM.
In part 04 of the ‘Banks & FSP blog series’ we cover automated salary statement processing with IDP.