BSI partners with Parashift for banking industry AI

Parashift, a provider of advanced machine learning-based document classification and data extraction software, has announced a technology partnership with BSI, a leading CRM and CX software company. 

BSI has a strong foothold in the banking sector. The integration of Parashift’s AI technology with BSI’s solutions enables companies in the banking sector that need to process hundreds of complex and unstructured documents every day in the shortest possible time and with great efficiency.

The company states that using its Document Swarm Learning technology, AI models are trained at the field level and across use cases, significantly reducing time-to-value.

“BSI has an amazing footprint in the banking and insurance sector. We’re delighted to work with BSI in the future and improve efficiency through the combination of the two platforms” Alain Veuve, Founder & CEO of Parashift.

With hundreds of document types, the volume of information the banking sector has to process each year is immense. Especially in the case of mortgage files, there are many different document types with widely varying layouts.

In addition, the documents are in structured and semi-structured as well as completely unstructured form, which makes smooth processing difficult. For employees, it is a manual and tedious process, as the traditional data extraction solutions being used are too weak for the complexity of the document types.

BSI already uses Parashift successfully in collaboration with clients to automate the mortgage process. With this combination clients can automate any document-based process by separating, classifying and extracting all the data.

The benefits are significant. For example, there is a reduction in costs and processing times (a few hours instead of weeks). This frees up more time to process additional mortgage files and acquire new customers.

“Thanks to the technology partnership with Parashift, our customers can significantly optimize document processing and reduce process throughput times. Parashift combined with BSI is the perfect match for intelligent document processing in customer management.” Kai Jesse, Community Manager Retail at BSI.