Case Study
Brainwaves Digital’s AI-powered bank statement extraction accelerated processing, improved accuracy, and enhanced scalability for financial services
93%
Reduction in Decisioning Time with GenAI-Powered Automation
Client:
Objective:
The primary goal was to reduce the time and effort spent processing financial account statements, minimize data-entry errors, and enable users to focus on higher-value tasks—ultimately driving operational efficiency and faster decision-making.
Challenges:
Manual Verification
Users spent excessive hours parsing 300 – 500 page PDFs, matching applicant details, identifying and verifying relevant transactions – significantly slowing down the review process.
High Error Rates
Even minor data-entry errors or missed transactions delayed decisions or necessitated repeated clarifications, resulting in increased costs and longer turnaround times.
Scalability Concerns
Apart from the human effort required, the existing manual process struggled to handle peak periods (e.g., end-of-quarter surges or busy refinancing seasons) without compromising prompt decision-making.
Solution:
Automated Account Statement Extraction Pipeline
AI-Powered Extraction
A custom AI service retrieves relevant PDF documents from cloud storage and automatically extracts key transaction details (such as deposits, non-sufficient funds counts, and statement periods) into a structured JSON format.
HITL Intervention
Appropriate Human-In-The-Loop interventions ensure extremely high accuracy and required regulatory compliance
Editable UI
A user-friendly interface displays the extracted data, allowing for edits and decisioning, and consolidation of multiple account records.
Implementation:
Seamless Integration
The solution integrates with the existing financing management system, enabling users to trigger the extraction process with a single click. In cases where a document is missing, the system gracefully alerts the user to allow manual entry.
Streamlined Data Flow
Extracted data is automatically formatted into a structured JSON file and stored in a secure cloud repository. The user interface periodically retrieves the latest data to ensure up-to-date information is available for review.
User Experience & Verification
The interface highlights data fields with low confidence scores for immediate review and requires explicit user confirmation before finalizing any changes, ensuring accuracy and accountability.
Results and Value:
90% Faster Application Approvals
Automation drastically reduced review times, enabling more rapid decision-making and significantly enhancing customer satisfaction.
Reduced Error Rates
Confidence scoring focused user attention on critical data points, minimizing rework and reducing the risk of overlooked errors.
Higher User Productivity
By automating routine data entry, users could allocate more time to complex risk assessments and strategic tasks, driving overall productivity.
Enhanced Scalability
The system effortlessly supports multiple concurrent users and high-volume periods, ensuring the organization is well-equipped for future growth.
By leveraging AI-driven automation and intelligent data extraction, this financial services provider has transformed its application review process—delivering faster processing, improved accuracy, and a more efficient, scalable workflow that positions the organization for sustainable success
At BrainWaves Digital, we believe in the transformative power of artificial intelligence. Our mission is to translate cutting-edge AI advancements into real-world applications.
Services
Location:
Ste 607-282
Austin, TX 78735, USA
+1.402.203.7088
contact@brainwavesdigital.com
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