Financial Services BPO Transforms Back-Office Operations with Itemize

A leading financial services BPO offering solutions that ignite efficiency, savings, and revenue growth across industries. The team has noticed increased digitization efforts amongst its customers in recent years. The BPO wanted to deliver end-to-end services for intake, document categorization, and data capture processing of invoices, receipts, POs, and other finance, accounting, AP, AR, and Lending document sets — both paper and digital. The highly automated document management services will help clients reduce costs, drive efficiencies, and improve the quality of their data. 

The Challenge

The operations and delivery team at the financial services BPO identified two main challenges: the time spent processing high volumes of documents and high error rates leading to unhappy customers. 

The new technology and integrations team at the BPO reached out to Itemize for a solution that would provide automation and reduce manual intervention. We set our sights on building new automated capabilities that enable semi- and unstructured information to be processed at scale without manual entry and errors. 

The Solution

The BPO picked Itemize for: the ability to process various document types, high accuracy rates, data validation, intelligence dashboard, and smooth integration with the internal platform for secure delivery. 

Our experts hit the ground running, rapidly deploying a sophisticated solution that couples artificial intelligence (AI), machine learning (ML), optical and intelligent character recognition (OCR, ICR), automated document recognition (ADR), transformers agents, and intelligent analytics capabilities. 

Through a restful application programming interface (API), we tightly integrated our solution with our client’s upstream systems — providing a fully integrated, end-to-end process. We focused on enabling unprecedented speed and accuracy in handling semi- and unstructured data and driving automatic categorization and verification of B2B financial services documents. 

We also knew that enhanced automation would simplify the AP, AR, and Lending processing and, in turn, reduce training and staffing requirements.

The Impact

  • Field-level automation of B2B financial services documents skyrocketed to 90.2%
  • Our solution produced a 99.3% automatic recognition and classification rate for incoming documents
  • Manual data entry requirements were cut in half – eliminating 200 keystrokes per document
  • Overall processing increased 15-fold (from 6 to 90 transactions/hour)
  • With a more straightforward user interface, staff training time decreased 75% (from 2 months to 2 weeks)
  • Empowered the BPO to predict and manage business volume fluctuations with advanced analytics

The Vision

Our clients recognize us as their trusted automation advisor thanks to our unique combination of operational and industry expertise gained from transforming some of the world’s B2B financial services companies. Itemize is now helping the BPO advance on its journey from being reactive to proactive. For example, we’re developing a management information dashboard that will provide executives with near-real-time insights into what business is coming up, when, and who’s on staff to handle it, further enhancing their decision-making and boosting the competitive advantage.

Book a demo to see the Itemize platform in action. 

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