October 8 2021: Visionet Systems, Inc., a leading provider of digital solutions to the Banking and Financial Services industry, has launched DocVu.AI – an AI-driven Intelligent Document Processing (IDP) platform.
Apart from banking and the mortgage industry, DocVu.AI is transforming other industries that require seamless extraction, analysis, search and management of datasets from multifaceted, industry-specific contracts, trade documents, and agreements. The users can now easily extract information using trained machine learning models and acquire critical insights to make informed business decisions.
The IDP technology (Intelligent Document Processing) of the platform transforms unstructured and semi-structured information into usable data by using AI technologies such as Natural Language Processing (NLP), Computer Vision, Deep Learning and Machine Learning (ML) which classify, categorize, and extract relevant information, and validate the extracted data.
The platform captures information from documents irrespective of whether they are handwritten, long-form or electronic. IDP's automated system also comes in handy in contract administration, case reviews, information protection, and fraud detection. This is why, Alok says, in the mortgage, capital markets and banking industries, DocVu.AI can prove to be invaluable. It can also be used in the legal arena to speed up auditing, archival work, and management of mergers and acquisition-related files that have sensitive and mission-critical information.
DocVu.AI can also be used in research and academic studies where it can help to digitize and store information. It can even help streamline the healthcare sector which has reams of patient records and where seamless and instant access to patient data is paramount.
Says Alok Bansal, MD of Visionet Systems India and Global Head of BFSI Business:: “The pandemic has accelerated the digitization of processes that were earlier labour intensive and time-consuming. Most industries are struggling to automate and upgrade systems so that they can work faster and without human error. Business data is at the heart of digital transformation, but when industries are stuck in the morass of documentation and intensive manual sifting, results are slow to come by as employees have to spend an inordinate amount of time on unstructured formats like business documents, emails, images, etc."
Visionet invested over 30 months of intensive research and development into DocVu.AI and today it has evolved into a next-generation platform that accelerates the processing of large volumes of structured and unstructured data and has helped diverse companies and institutions to leverage new opportunities, improve compliance, and achieve faster ROI.
Adds Alok: "DocVu.AI is a state-of-the-art AI/ML platform and comes with out-of-the-box support for 500+ documents and variants and 4000+ data points, with more being added every day. Our solutions are used extensively by some of the largest banks and leading mortgage institutions but this new platform can galvanize any industry with accuracy averaging around 99% and a turnaround time ranging from 30 minutes to 4 hours. DocVu.AI extracts idle data and can help companies in various sectors to prioritize workflow, redeploy their workforce and expand their business."