How Financial Institutions Could Benefit From the JetStream AI Software Suite

What is JetStream Software

JetStream is a solution for automating document workflows by utilizing AI software to capture, recognize and classify incomming douments validate them and use search capabilities and workflows on that data. All of its features are pre-trained for general use cases and can be trained individually without programming knowledge to handwritten and printed documents, with multiple input and output formats. Thanks to neural networks, it is possible to adapt to training sets. The patented core technology enables a deep content understanding. Intelligent document processing with JetStream doesn't follows the “one size fits all” approach. Thanks to the modular platform, it can customize the workflow according to the specific challenges and use cases.

With >99% accuracy in reading machine printed text and >95% accuracy in reading handwritten text, as well as many more features, it is a great solution when looking to automate document automation. In the picture below you can also see how JetStream can help with recognition, classification and extraction.

Get more information about JetStream, it's functionalities and technological details

Ways financial institutions use document workflow automation



1. Loan processing: Financial institutions deal with a significant volume of loan applications and accompanying documentation. Document workflow automation can streamline the loan origination process by automating tasks like document capture, verification, and routing for review and approval. This reduces processing times, improves accuracy, and enhances customer experience.
   
   
2. Compliance and regulatory requirements: Financial institutions must adhere to strict compliance and regulatory standards. Document workflow automation helps ensure compliance by automating processes such as document classification, retention, and retrieval. It can provide audit trails, version control, and secure access controls, simplifying compliance efforts and minimizing the risk of non-compliance.
   
   
3. Account opening and onboarding: Opening new accounts and onboarding customers involves collecting various documents, forms, and signatures. Document workflow automation can automate these processes, reducing manual effort, eliminating errors, and speeding up customer onboarding. It enables efficient document creation, review, and approval workflows, ensuring all necessary documentation is obtained and processes are followed.
   
   
4. Reporting and auditing: Financial institutions generate numerous reports and undergo regular audits. With document workflow automation, report generation can be automated, ensuring accurate and timely reporting. It can also simplify the audit process by streamlining document retrieval, tracking revisions, and providing a centralized repository for auditors to access required documents.                                                                                   
5. Customer communication and correspondence: Financial institutions interact with customers through various documents, including account statements, contracts, and correspondence. Document workflow automation enables personalized document generation and delivery, ensuring accuracy and consistency in customer communications. It can also automate tasks like printing, mailing, and archiving, improving operational efficiency.

Conclusion

By implementing document workflow automation, financial institutions can potentially reduce manual effort, improve operational efficiency, enhance compliance, and deliver better customer experiences. It allows staff to focus on higher-value tasks while ensuring document-related processes are streamlined, accurate, and auditable. JetStream AI fits very well with those automation needs, offering a software solution to actually get the document workflow automated.