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Financial Services Firm Transforms Data Extraction Process

Background

The large financial services company was looking to achieve digitization of services across two fronts. One was to totally digitize otherwise traditional paper-based activity, and the second was trying to automate existing manual processes.

The primary goal was to reduce the time it took to deliver, update and maintain the system, so the company needed a solution that could provide frequent updates without major headaches or changes and could be updated with minimal effort. A majority of the forms being processed contained handwritten text, so robust, reliable handwriting and machine print recognition was essential.

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With Hyperscience, the financial services firm was able to achieve 94% automation and 99.5% accuracy from their previously manual data extraction processes.

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Why Hyperscience

During the testing phase, Hyperscience was able to systematically collect roughly 90% of the fields at 98% accuracy rates out-of-the-box. From a machine transcription perspective, this was much better than what had been previously achieved.

Hyperscience was also smarter about knowing when it was likely to be right and when it was likely to be wrong, sending a small subset of exception fields to data keyers to review and resolve via an intuitive, lightweight Supervision platform.

The Total Economic Impact™ of Hyperscience

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Results Delivered

Hyperscience has enabled the company to scale and today the firm is collecting twice as much data as a year ago. In addition, the transformation of their data extraction process has resulted in significant savings in manual effort and time available to focus on more complex work.