IDP in financial services
With its capability to streamline document-intensive processes, IDP revolutionizes critical functions within financial institutions, offering real-time monitoring, greater consistency and improved efficiency. Here are some key areas IDP is being used to help propel the industry toward a future characterized by speed, precision and security:
5. Loan processing
IDP removes the time-consuming task of reviewing numerous documents by automating the extraction and verification of financial documents essential for loan applications, expediting the loan approval process.
6. Mortgage processing
By using its capabilities to extract essential information and automate the document verification process, IDP helps streamline the mortgage underwriting journey and reduces the time required for approval.
7. Finance and accounting
IDP tackles paper-intensive processes such as invoice and payroll management, gaining real-time insights for improved financial monitoring and control while reducing the reliance on manual data entry.
8. Invoice processing
IDP uses document imaging software to streamline the extraction of data from invoices and receipts, allowing finance teams to speed up processing and take advantage of early payment discounts.