Banking & FSP blog series: Automated reading of mortgage documents with IDP – 01 debt collection register
Thousands of proposals with hundreds of document types, hundreds of thousands of document pages and millions of data: The volume of documents and data in the mortgage dossier received by banks and financial service providers every year is immense. The mortgage dossier includes documents in structured and semi-structured as well as completely unstructured form, which makes smooth processing difficult.
The result is manual and laborious processes for employees in the credit office, as the OCR solutions implemented are too weak for the complexity of the document types. This slows down the credit and mortgage process. The solution to this is Intelligent Document Processing (IDP).
In this blog series for banks and financial service providers, we will look at various documents from the mortgage dossier from which they can use Intelligent Document Processing (IDP) to automatically read out the relevant data in each case.
In part 01 of the ‘Banking & FSP blog series’, we address the automated processing of debt collection register.
Mortgage dossier includes large variation of document types
With the mortgage application, private individuals have to submit a large amount of different documents to their bank or financial service provider. The debt collection register excerpt is one of the documents required in every mortgage dossier. Banks and financial service providers capture and read out the relevant data from it.
If this happens manually, as is so often the case, the processes are slow and expensive, and the bank or financial service provider loses important resources in the form of highly qualified employees in the credit office. Especially in the financing and mortgage process, their expertise is needed more than ever in advising private customers.
Leading insurance company instead of bank or financial service provider? We hear you! In our ‘Insurance blog series‘, you can learn more about the pain points in processing claims documents and how they are solved with the integration of IDP.
With IDP: Banks and financial service providers automatically read debt collection register
The debt collection register is essential in the mortgage dossier and for the exact assessment of a private individual’s creditworthiness. This document varies slightly in form and structure depending on the canton and municipality.
As shown in the example photo from the platform, banks and financial service providers can use Intelligent Document Processing (IDP) to automatically capture, read and process all data from the debt collection register, and only the relevant data. This requires the automatic extraction of the following data:
- Information of the applicant: Name, address and date of birth
- General information: Number of the document extract, date of document issuance and address of the debt collection office
No-Code App for individual customizations
In the event of additional, specific requirements for a document from the mortgage dossier, banks and financial service providers can use the No-Code App to easily make independent adjustments to the document type.
In part 02 of the ‘Banking & FSP blog series’, we look at the automated processing of pension fund statements with IDP.