AI is transforming industries by helping organizations in modernizing business processes and accelerating development. The pragmatic approach to solving real-world problems with AI, built on a foundation of responsible AI principles, empowers businesses to start implementing today. AI is core to the value we deliver and is inherently infused in all our industry clouds. In Financial Services, how AI can speed up the process with document intelligence.
The customer onboarding process is thought to be one of the most critical aspects of the customer journey. Customers expect a secure and efficient process when becoming financial services clients. An awkward user experience or slow response time can degrade customer confidence and trust and potentially cost an institution a loss of business. Today, many onboarding scenarios are manually managed by financial institutions, resulting in high costs, long service times, and missed business opportunities. Whether the customer is onboarding as a new client or applying for a loan, manual processes are time-consuming and can be both inefficient and costly.
The document intelligence AI solution within Microsoft Cloud for Financial Services improves these onboarding processes. Foundational to setting up a documented journey for each document type, document intelligence enables institutions to automate various workflows depending on business context and scenario. The document verification scenario uses AI Builder with Azure Cognitive Services Form Recognizer AI model to evaluate whether a document fits a known template. Customers can train the model to process different document types and organizations can determine individual journeys for each document type with multi-tiered verification steps such as categorization and third-party validators.
Microsoft provides business administrators with low-code tools to build the onboarding journey easily, accurately, and fast. The model is configurable to adjust to geolocation, business processes, and various kinds of documents. Several AI capabilities combine to validate documents uploaded by the customer (e.g., passport verification) and provide a predictive confidence score for document validation.
Microsoft industry AI solutions are also extensible and composable. Partners can build solutions on top of the AI model to include other steps that host third-party AI models or services that continue the customer journey. An external fraud detection service, for example, can be connected as part of checking whether the identity document is part of a fraud ID repository. From there, the pipeline business logic can determine the document status recommendation.
Financial institutions such as banks, insurance companies, and wealth managers can leverage the document intelligence model to implement various onboarding scenarios. From account opening, claims, and policies applications, to loan and product applications, financial institutions can improve their processing time, the confidence in the accuracy of the process, and respond faster to their customers.
Prompt and accurate responses to customer queries are a critical part of successful customer onboarding—building customer confidence and trust in an institution’s infrastructure and commitment to customer care. With document intelligence used as part of the onboarding process, customers can receive the answers they need even more quickly than before. This gives organizations a competitive advantage, drastically reducing the manual labor involved in processes, improving operational efficiency, and serving more customers, faster while meeting their needs.
Source: https://cloudblogs.microsoft.com/dynamics365
Global iTS is a leader in business applications on Microsoft technology, driving digital transformation for enterprise clients including BFSI, Government, Energy & Utilities for two decades now. We enable next-generation digital services for our clients across multiple channels and deliver them on a platform of customer choice. Headquartered in the United Kingdom, we are present across GCC countries with a team of 200+ professionals. We have our core expertise in the banking industry across corporate, retail, investment, and compliance. We enable customer digital journeys bringing unprecedented levels of customer delight, helping FSI adapt to change, and improving their decision-making process.