Invoice Automation for Banking & Financial Services

Business Impact

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One of the time-consuming activities for any fintech company is the data entry process.

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Manual work can be tedious and lead to document backlogs if not properly handled.

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To replace this, one of the smart moves is adopting RPA techniques to replace repetitive tasks with automation.

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According to the Gartner report, “Around 80% of finance leaders have implemented or are planning to implement RPA”.

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We worked with one of the top FinTech firms in Europe ifor automating the invoice process and fetching key information without human interference.

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Our RPA solution helped the client in saving 50% of the time and effort spent on documentation. Also, improved overall efficiency and made resources focus on their key tasks rather than manual documentation.

Technology Stack

Solution Approach

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Invoice is unstructured data with different templates, initially, they will be converted into text, wherein this text is properly formatted.

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Custom data is prepared, For example, Invoice Number, Invoice date. The Data set is prepared to map these similar fields into the same bucket.

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Built a NER model to extract entities present in the invoice.

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WEB UI is developed where an invoice is dropped, It will return as key-value pair of specific information.

Trusted and Proven Engagement Model

  • A nondisclosure agreement (NDA) is signed to not disclose any sensitive information revealed over the course of doing business together.
  • Our NDA-driven process is established to keep clients’ data and IP safe and secure.
  • The solution discovery phase is all about knowing your target audience, writing down requirements, and creating a full scope for the project.
  • This helps clarify the goals, and limitations, and deliver quality products & services.
  • Our engagement model defines the project size, project development plan, duration, concept, POC etc.
  • Based on these scenarios, clients may agree to a particular engagement model (Fixed Bid, T&M, Dedicated Team).
  • The SOW document shall list details on project requirements, project management tools, tech stacks, deliverables, milestones, timelines, team size, hourly/monthly rate cards, billable hours and invoice details.
  • On signing the SOW, an official project kick-off meeting shall be initiated.
  • Our implementation approach, ecosystem, tools, solutions modelling, sprint plan, etc. shall be discussed during this meeting.

Our Award-Winning Team

A seasoned AI & ML team of young, dynamic and curious minds recognized with global awards for making significant impact on making human lives better

Awarded Bronze Trophy at CII National competition on Digitization, Robotics & Automation (DRA) – Industry 4.0

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50+

AI & ML
Engineers

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40+

AI & ML
Projects for
reputed Clients

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5 yrs

in AI & ML
Engineering

Awarded as Winner among 1000 contestants at TechSHack Hackathon

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