Whatever industry your business is in, simply providing a good experience for your customers is no longer good enough. A customer experience that is thoroughly positive is a critical factor for your company’s success and growth. To retain customers, it seems, companies are hitting every avenue imaginable. It’s not uncommon for them to overlook an effective approach. We’re talking about document management and, more specifically, document processing. Or, to put it another way, wherever document-heavy processes are a concern for you in the context of your customers, wherever you rely on the accurate capture and processing of information, Intelligent Document Processing (IDP) can help.
IDP acts as a comprehensive extraction solution, processing data from documents in any format and across all of the numerous channels in a structured way. So you can use this information efficiently and make your existing customers happier as well as attract new ones.
Inefficient processes dull the customer experience
In order to deliver a great customer experience, you need to rely on a number of processes. However, it is precisely these document-based and -heavy processes that are probably causing you the most trouble. Inefficient processes, often triggered by a manual approach to document processing, cause a variety of problems no matter what industry you’re in, including:
Delayed processing of loan or mortgage applications: Loan and mortgage applications require customers to submit a large number of documents, including pension statements and salary statements. Manual processing of these documents by the bank or financial services provider inevitably means a slow and inefficient process. Long waits for credit approval are serious problems, and dissatisfied and frustrated customers are the logical consequence.
Slow onboarding: Manually capturing and managing customer information during onboarding is hugely inefficient. This not only leads to lower productivity, but also to tedious misunderstandings and additional, costly research and follow-up.
Dragging claims processing: Insurance claims processing involves a lot of documents such as forms, medical records, and policies. When insurance companies still tackle these manually, sluggish claims processing with slow reimbursement is evident. This draws dissatisfied customers and meanwhile quickly leads them to switch to competitors.
To ensure a superior customer experience you need to rely on a number of processes: smoother loan and mortgage application processing, smoother onboarding, and smoother claims processing. Efficient document processing automation is therefore essential for your business.
AI-based document processing lays the foundation
Automating document processing is an integral part of digital transformation. To cope with today’s document complexity, Intelligent Document Processing (IDP) has proven its worth. IDP combines several advanced technologies based on Artificial Intelligence (AI) into one system. It allows you to capture and process relevant data from documents quickly, accurately, and with minimal additional effort. Parashift’s IDP platform is based on Document Swarm Learning technology, which allows documents to be processed automatically without templates or rules. To further reduce time-to-value, you can seamlessly integrate the Parashift IDP platform into your application landscape and with existing systems. In this way, the AI-based IDP solution lays the foundation for the transformation of your customer experience.
Delight your customers
Whether your business is in banking, insurance, healthcare, or even logistics and real estate, integrating a high-quality Intelligent Document Processing solution like the one from Parashift will massively improve your customer experience. This is demonstrated by the examples of use cases in the following industries:
- Banks and financial service providers: As a bank or financial service provider, Intelligent Document Processing automatically extracts the required data from applications in the loan and mortgage process. This not only reduces costs, but also massively shortens processing times. Benefits for your customers: Using the Parashift IDP solution enables you to respond to requests within the shortest possible time. This leads to better customer service overall. You also have the ability to provide your customers with online access to documents in a secure environment. This makes your customers feel valued, which in turn can lead to better relationships and more sales opportunities.
- Banks and financial service providers: For customer onboarding, you as a bank or financial service provider need to extract data from identification documents and contracts in the Know Your Customer (KYC) process. IDP can be used to automate the verification of individuals: machine learning algorithms classify documents by type and check for completeness and data consistency. Finally, relevant data is automatically extracted and the information is checked against a database to verify its accuracy. Benefits for your customers: Smooth and convenient onboarding for your new customers.
- Insurers: In claims processing, you as an insurer depend on the efficient processing of submitted documents. With IDP, you can automate and accelerate your claims processing significantly. You automatically classify all document types and extract the relevant data. Benefits for your customers: With IDP, you can solve typical industry problems: responding quickly to customers across multiple communication channels. Your customers will thank you for responding faster to claims and getting reimbursed in the shortest possible time.
- Healthcare: Intelligent Document Processing helps you, as a healthcare organization, manage patient records and data. They automatically capture paper documents and store the data in structured and digital form. It allows you to link medical reports to electronic patient records, reducing workload. Benefits for your customers: Your staff will have significantly more time to spend with individual patients and give them the attention they need. Most patients will appreciate this.
- Transportation & Logistics: As a transport or logistics company, you know about the numerous goods accompanying documents that you have to process in transport orders in each case. IDP helps here to eliminate errors in recording and to minimize delays. Benefits for your customers: Fewer errors in the transportation process means smooth processing and on-time delivery times, which keeps your customers, both suppliers and end users, happy.
- Real estate: With IDP, you as a real estate service provider gain real-time insights into document processing. Not only do you make data-driven decisions, but you identify bottlenecks and inefficiencies early. Plus, you can meet expectations with an online document submission portal. Benefits for your customers: With IDP, you meet your customers’ needs and expectations for a fully digital and convenient experience. Thanks to IDP, you offer your customers faster turnaround times and more accurate and efficient service, which increases customer satisfaction.
Integrate the Parashift IDP platform into your document processing workflows and transform your customers’ experience. Get in touch and we’ll be happy to show you how!