Banking and Finance
A 1000-branch bank uses Momentum to automate key banking processes. They are able to reduce more than 50% of their operating costs from these processes which were manual, mundane, and error-prone.
The current accuracy of extraction for machine-generated text is close to 100% and for handwritten text is about 75%.
The accuracy level is improved on a continuous basis by taking the user feedback into the training set and augmenting the models.
In addition to extraction accuracy, the data passes through bank-specific custom rules — critical and non-critical — before the transaction is cleared through a Straight-Through-Process, aka STP.
Web-based Verification & Validation (V&V) Engine
The bank utilizes our web-based V&V engine to correct any extraction anomalies and clear those transactions manually. The V&V engine can be configured to match the makers-and-checkers process to ensure 100% compliance.
The output from user feedback is fed back to augment the model on a regular basis to improve the extraction accuracy.
Key banking processes that Momentum automated
Additional benefits to the bank
Ready To Embrace The Future
If you are working on a data engineering or AI solution, trying to explore a use case, or building a proof-of-concept, please contact us for a one-on-one discussion.