Absa has deployed an artificial intelligence and Optical Character Recognition (OCR) solution within its Debt Review operations, cutting document-processing times and reducing the amount of manual work required from employees.
Since the system went live in late June, the bank says document indexing efficiency has improved by 41%, with new documents and emails now processed within a one-day turnaround time.
Debt review is typically a document-heavy process, requiring information from multiple providers to be received, classified, captured and processed before a case can move forward. Much of this work has traditionally been handled manually, creating administrative pressure and increasing the risk of delays and human error.
Absa’s new OCR/AI Gateway automates the extraction and capture of information from standard document types. The system identifies relevant information and feeds it into the debt review workflow, reducing the need for employees to manually index and capture documents.
The bank says the platform is also designed to support more complex document types as its automation capabilities expand.
