Document processing tools are crafted to assist users in creating, editing, formatting, managing, and manipulating electronic documents. These tools encompass a range of functions, from automating document sorting, indexing, and archiving, to advanced analysis features like extracting data from structured and unstructured documents. Commonly incorporating optical character recognition (OCR), natural language processing (NLP), and other cutting-edge technologies, document processing tools are adept at extracting data from various document types. Looking ahead to 2024, the sector is undergoing a significant digital transformation, emphasizing increased automation, compliance, and risk management.
Below is a handpicked selection of the top 5 Intelligent Document Processing (IDP) tools -
1. Vaultedge
Vaultedge Software is a Document AI platform built on LLM architecture, specifically in the domain of document processing within the banking, insurance, and mortgage sectors. The company offers a Document AI platform that uses machine learning and generative AI models to process, classify, and extract data from documents, enabling faster and more accurate decision-making in underwriting and claims processes. Its leading-edge technology has been instrumental in enabling global banks and financial institutions to save time & cost by 5X through automated document processing.
Features
Vaultedge automatically categorizes over 500 documents, extracts 2000+ fields, and pinpoints exceptions so users can focus solely on addressing those exceptions. Leading mortgage lenders and servicers enhance efficiency by processing millions of documents daily, reducing loan cycle time and costs by at least 80% with Vaultedge.
- Data Extraction: Leveraging machine learning, generative AI, and LLM models, Vaultedge decodes non-standard documents, extracts data, and provides decision insights akin to a human expert.
- Data Validation: Vaultedge validates extracted data against the source document for accuracy and completeness.
- Ask Questions to AI: Utilize Vaultedge's Generative AI to pose questions about your documents and receive human-like answers with detailed explanations, resembling GPT for your documents without the risks of Public ChatGPT.
- Seamless Integration: Vaultedge seamlessly integrates with loan origination and servicing software such as ICE/Ellie Mae Encompass, Blackknight Empower, Wipro Netoxygen, Blackknight MSP, and more.
- User-Friendly: Intuitive software that requires minimal training and user guides, enabling new user onboarding in under an hour.
- Quick Implementation: A plug-and-play solution that can be operational in production within two weeks.
- High Accuracy: Vaultedge delivers an initial accuracy of 95%, which can reach 99% over time as AI learns from user interactions.
Use Cases
Vaultedge has been pivotal for mortgage lenders, enabling them to process large volumes of loan documents within hours, enhancing operational efficiency.
- Loan processing - The platform can extract data from bank statements, pay stubs, tax returns, and other financial documents to speed up the loan approval process.
- Income Calculation & Verification - It can help determine the creditworthiness of a self-employed borrower.
- Loan Boarding - Loan servicing teams can board bulk loans by completely automating manual file review and setup.
- Insurance claims- The platform can extract data from insurance claims documents, such as medical records and invoices, to accelerate the claims process.
- LOS Integration - Vaultedge's integration with Loan Origination Systems streamlines data flow and enhances decision-making by providing real-time access to critical financial information.
Pricing
Offered Pricing: $1000 per month for processing up to 40 loan files (Capped at 40 loan files).
Plan Features:
- Document Indexing: Includes Classification, Splitting, and Stacking.
- Data Extraction: Extracting data from documents.
- Data Validation & Exception Identification: Comparing data across documents and between documents & system (LOS or Data Tape) to identify discrepancies.
- Exception Handling UI
- Relevant APIs for integration
- Integration Connector for Encompass LOS
For a one-time payment of $1,000.00, additional loans can be processed at $25.00 per loan beyond the initial 40.
2. Ocrolus
Ocrolus is a broad-based document processing software for financial service providers like accountants, auditors, banks, consultants etc. & nbsp; It competes with other general-purpose document processing software like - Hyperscience, Scale AI, Instabase, and Kofax. It uses a mix of AI OCR and human operators to perform document sorting and data extraction.
Features
- Automated Data Extraction:Use Cases
- Ocrolus uses OCR and machine learning to pull data from financial documents like bank statements, pay stubs, and invoices.
- Data Validation: Ocrolus checks extracted data against the source document for accuracy and completeness.
- Fraud Detection: Ocrolus employs pattern recognition and machine learning to spot fraudulent activity in financial documents.
- Customizable Workflows: Ocrolus offers adaptable workflows for processing and validating data to suit diverse organizational needs.
- API Integration: Ocrolus seamlessly integrates into existing software systems through its API for smooth collaboration with other apps.
- Real-time Reporting: Ocrolus delivers real-time reporting and analytics on extracted data for informed decision-making.
- Secure Data Storage: Ocrolus ensures data security through encryption, firewalls, and access controls to safeguard financial information.
Use cases
- Loan processing: The platform extracts data from bank statements, pay stubs, tax returns, and other financial documents to speed up loan approvals.
- Mortgages: Ocrolus helps mortgage lenders extract financial data from borrower documents to automate underwriting.
- Insurance claims: The platform extracts data from insurance claims documents like medical records and invoices to speed up the claims process.
- Account Verification: Ocrolus enables financial institutions to verify account holder information by analyzing bank statements and other documents.
- Investment analysis: Extract financial data from reports and filings to analyze investment opportunities.
- Tax Preparation: Capture financial data from tax documents to automate tax preparation.
Pricing
Ask for pricing. Ocrolus offers flexible volume-based pricing, ensuring that the tool can scale with business needs.
3. Nanonet
Nanonet’s cloud-based solution focuses on serving mid-tier lenders who seek state-of-the-art processing tools without enterprise-grade price tags. Its edge is the simplicity and speed of implementation, often requiring only a few hours to set up.
Features
- Custom Model Creation: Nanonets lets you create personalized deep learning models using your data, even if you're not a deep learning expert.
- AutoML: The platform uses its AutoML algorithm to optimize your models for accuracy, speed, and efficiency.
- Integration with Popular Programming Languages: Nanonets works with Python, Java, and Ruby, making it simple to use alongside your existing codebase.
- Support for Image and Text Data: It supports both image and text data, allowing you to create models for various purposes.
- Easy-to-Use API: Nanonets offers a user-friendly API for integrating your models into applications with minimal code.
- Pre-Trained Models: Get started quickly with pre-trained models for common use cases, saving you time on model creation.
- Model Training and Deployment: Nanonets manages the entire model training and deployment process for a quick start.
- Cloud-Based Infrastructure: Built on cloud infrastructure, Nanonets lets you easily scale your models as your data and usage expand.
Use Cases
Explore some scenarios where NanoNets proves valuable:
- Object Detection and Classification- Develop customized models for object detection and classification in computer vision. For instance, identifying and categorizing various objects in images or videos.
- Optical Character Recognition (OCR)- Utilize NanoNets to construct OCR models capable of recognizing and extracting text from images, PDFs, and diverse documents.
- Natural Language Processing (NLP)- Leverage NanoNets to create NLP models for tasks like sentiment analysis, text categorization, and language translation.
- Autonomous Vehicles - Create models for object detection and classification in autonomous vehicles, enabling real-time identification of pedestrians, cars, and other entities.
- Quality Control- Establish models for quality control inspections on products, such as defect identification in manufacturing processes.
Pricing
Ask for Pricing
4. TRUE AI
TRUE is a software solutions company and AI lab dedicated to empowering lenders to leverage artificial intelligence for precise lending decisions. By enhancing revenue, cutting costs, and mitigating risks, TRUE has been the benchmark in intelligent lending technology since 2017, offering a genuine competitive edge.
Features
- Multi-Layered Document Identification Engine - Advanced computer vision techniques and pioneering AI deliver a brand new level of precision. Identifies hard-to-read text and extracts non-textual information from scanned text and photos Removes blank pages and detects existing text layers
- Workflow Automation & QC Orchestration - Using machine power, quality control becomes intuitive and intelligent. Automatically assigns document stacking order for each loan type. Tasks are auto-completed based on condition, and highlighted based on outcome
- Data Extraction Engine - Every data point is captured with exceptional accuracy — even from a pile of messy paperwork. Extracts structured and unstructured data from scanned and electronic files. Enhances skewed, low-contrast, and unclear documents
- Configuration & Analytics - Delivering control and quality intelligence to power users. Easy to use workflow management – with no-code configuration. Powerful reporting analytics, designed to provide QC transparency. Dashboards provide complete platform activity monitoring and control. Out of the box audit reporting, delivering a clear understanding of QC performance
Use Cases
- Financial Services Solutions & Tax Preparation Automation - TRUE automates forms processing for tax and accounting firms, helping accelerate tax preparation, streamline data extraction, and reduce accounts payable costs.
- K-1 Processing Solution - TRUE automates tax data collection, K-1 data correction, and state data correlation processes — eliminating tedious manual data entry.
- Invoice Processing Solution - TRUE extracts relevant data from invoices and AP documents, regardless of source, format, or location — reducing manual data entry and errors by more than 80%.
- Data Intelligence - seamlessly automates data gathering so the loan officer can dramatically accelerate the loan processing.
- Data Verification - analyze an individual borrower or a large loan pool, TRUE helps you make fast, accurate, and informed lending decisions .TRUE harnesses the power of machine learning to remove the need for sampling or humans in the loop. Uncover anomalies, inconsistencies, and risk, while drastically reducing audit costs.
Pricing
Ask For Pricing
5. Kofax
Kofax is software designed for document processing and automation, helping businesses automate manual data entry tasks and streamline document workflows. Here are its key features:
- Smart data capture: Automatically extracts data from documents like invoices and forms.
- Cognitive automation: Automates complex document processes by routing them to the right systems.
- Integration with various systems: Links with ERP and CRM systems for smoother processing.
- Mobile capture: Allows document processing using smartphones and tablets.
- Analytics and reporting: Provides insights on document processing through a user-friendly dashboard.
- Multi-channel capture: Processes documents from email, fax, and web portals.
- Intelligent document recognition: Identifies and classifies document types for easier processing.
- Compliance and security: Follows industry standards like GDPR and HIPAA for data safety.
- Cloud-based platform: Accessible from anywhere with an internet connection for easy collaboration.
Use-cases
Kofax offers various use cases:
- Accounts payable automation: Streamlines invoice data extraction and entry into accounting software.
- Loan origination: Automates data extraction from loan applications for quick processing.
- Insurance claims processing: Enhances accuracy by automating data extraction from claim forms.
- Human resources: Simplifies HR tasks like onboarding and resume parsing through data extraction.
- Healthcare: Improves medical record keeping efficiency with data extraction from documents.
- Government: Automates document processing for permit applications, routing documents accurately.
- Financial services: Enhances processes like mortgage processing with data extraction for efficiency.
Pricing
Ask for pricing.
Conclusion
We trust that the comparison provided has offered valuable insights into choosing the right mortgage document processing tool for your needs. To gain a deeper understanding of your requirements, we recommend reading our article on a checklist: How to choose your Document processing software for mortgage. If you have any uncertainties, feel free to schedule an exploration call with our team for guidance in your decision-making process. We hope you find the perfect solution tailored to your enterprise's ethos and vision.