Whether for real estate companies or for banks and financial service providers, the building description is an important document in both sectors. Often, it is accompanied by photos of the rooms. To enable end-to-end automation, the comprehensive processing of building specifications is necessary. However, this was exactly the problem until now, because the classification of the object photos was not possible. In fact, standard solution tries to classify only via text fragments. The Parashift Platform uses object information of a page, too.
Until now, though, because: Parashift uses Artificial Intelligence (AI) to not only extract all relevant data from the building descriptions, but to automatically classify all object photos.
Key takeaways: With the Parashift Intelligent Document Processing (IDP) platform, real estate companies, banks, and financial service providers can automatically extract all information from building descriptions. At the same time, they can also use the IDP platform to automatically classify each photo of the space. This makes for a much more efficient downstream process.
Object photos in building descriptions: No possibility for efficient classification
First: What is a building description? A building description contains a more or less detailed description of a house or apartment. In the case of a new building, for example, a building description serves on the one hand as a addition to the architect’s project plans and provides information about the basic principles. On the other hand, a building description is also used to keep a written record of investments already made or planned for an existing property (as can be seen in the example document below). This data is essential for real estate companies as part of the sales or rental documentation of a property. At the same time, banks and financial service providers also need to capture and process building descriptions in the course of mortgage applications.
The special thing about a building description is that it is usually accompanied by object photos, i.e. photos of the various rooms or photos of investments already made, such as a new kitchen or a new bathroom. But it is precisely these object photos that automation solutions have not been able to classify as such until now.
Innovative Intelligent Document Processing Platform
Thanks to Parashift, real estate companies, banks and financial service providers now no longer have their hands tied when it comes to efficiently processing building descriptions – including automatically classifying the individual property photos within them. We don’t just classify text fragments; we also use information about the objects on a page.
That’s because Parashift’s Intelligent Document Processing (IDP) solution combines artificial intelligence (AI) technologies, including machine learning (ML), natural language processing (NLP), deep learning, computer vision (CV) and optical character recognition (OCR), into one system. The innovation of the Parashift IDP platform doesn’t stop there, however, as it takes a revolutionary approach with its proprietary Document Swarm Learning technology, which enables a global data network for unprecedented data extraction and classification.
The core technology of the Parashift platform is driven by machine learning algorithms trained on billions of data points. This is possible because document types are decomposed into individual fields and the learnings are shared across all customers, across all industries, and across all document types (fully GDPR compliant and without sharing any business knowledge). This industry-agnostic and language-agnostic approach, combined with the unique global data network, creates unprecedented accuracy in the handling of any document, such as building descriptions. With Document Swarm Learning, Parashift IDP solution continuously learns, maximizing learning in a GDPR compliant manner.
Additionally, the Parashift IDP platform is the only cloud-native Intelligent Document Processing solution that meets all InfoSec and compliance requirements while being at the forefront of AI development. Parashift is specifically designed to enable banks, financial services, real estate, insurance, healthcare and public sector companies to process sensitive customer identification data (CID) in the cloud in a secure and privacy-compliant manner.
Seamless integration, unprecedented flexibility
Parashift is not only innovative in its approach to the Intelligent Document Processing platform. The same applies to integration: the IDP solution can be seamlessly integrated into existing application landscapes – either via pre-built integrations into ERP, DMS and workflow solutions or directly into the application environment via a REST API. In doing so, Parashift never acts as a competitor to other business applications, but rather enhances them. More benefits with the IDP platform, here with the example of the mortgage application:
- 1.5 hours less effort: with Parashift IDP, the effort for employees per mortgage application is reduced by about 1.5 hours.
- More time for clients: optimizing the mortgage process frees up resources that banks and financial service providers can invest in customer service.
View of the Parashift platform
As you can see in the screenshot, the Parashift IDP platform allows you to automatically extract the following data from a building description, among others:
- Property: Street, house number, postal code and city where the property is located (in this building description it is a single house, EFH).
- General information: Document date, customer reference, building type, number of rooms, building construction year, building purchase price, building purchase year, etc.
As can be seen on the second screenshot from the platform, thanks to artificial intelligence, for the first time not only the documents themselves, but also the individual object photos, which are so important in this context, can be classified automatically.
Do you have additional document types that you need to classify and extract? With Parashift, this is no longer an obstacle: in addition to hundreds of ready-to-use document types, you can customize your individual documents in minutes using the intuitive no-code UI.
Conclusion: Significantly more efficient business processes
Thanks to the automatic classification of object photos from building descriptions and the subsequent extraction of data from the latter, you can make your business processes significantly more efficient in the future: As a real estate company, you benefit from detailed information around new construction and built-out standards in properties and structured sales or rental documentation. As a bank or financial services provider, you benefit from the automatic processing of building descriptions, including the classification of property photos, for significantly more efficient processing of your mortgage applications (and thus the possibility to scale up).
So with Parashift you have found the perfect partner for intelligent classification of object photos and automatic extraction of building specifications (and far beyond!). Talk to one of our experts about your specific requirements. Or get a first-hand impression of the intuitive Intelligent Document Processing platform and test Parashift for 14 days free of charge and without any obligation.