Parascript, which offers advanced capture software that processes over 100 billion documents annually, today announced the availability of the latest in artificial intelligence (AI) for advanced capture with FormXtra.AI Smart Learning 7.5. It includes new deep learning handwriting recognizers and incorporates its machine learning-based document classification and separation into its unique Smart Learning capability.
Smart Learning now manages the full advanced capture configuration from image perfection, document classification and separation, data location and extraction to performance optimization. Minimal configuration and continuous optimization in dynamic production environments make this the ideal solution for finance and insurance providers.
“We have many service providers and system integrators that have converted to FormXtra.AI in order to improve their output accuracy and reduce “time-to-live” for their customers. They used to create thousands of templates using other capture software to extract data from their documents or spend significant time creating complex rules-based approaches for classification and extraction. As you can imagine, this amounted to 1000s of hours of effort and took months to onboard new clients,” said Greg Council, VP of Marketing and Product Management at Parascript.
“We eliminated a significant amount of that effort, which enables them to focus on important aspects such as business rules and delivering a fully-integrated solution,” Council explained. “Our clients import their sample data and can basically let FormXtra.AI Smart Learning run overnight. In the morning, they have significantly improved data classification and extraction, and they can run brand new customer documents through the system without creating a single template. What’s more important is that FormXtra.AI is constantly adapting and optimizing in the background based on each client’s unique, dynamic production environment so their capture systems actually improve over time and never degrade.”
Leveraging FormXtra.AI Smart Learning, clients eliminate the need for time-consuming and brittle templates or rules-based approaches to extract data from highly variable, multi-page documents. To get started, FormXtra.AI requires only a sample data set and output results to train the system for more accurate, immediate results. Building upon the Parascript Smart Learning capabilities, the latest FormXtra.AI offers the following:
- Smart document classifiers classify every document type from text-heavy documents to images;
- Smart image perfection or preprocessing automation cleans up problematic images;
- Smart variance detection streamlines data extraction by grouping similar documents in order;
- Smart document analysis enables data element location hypotheses for a broad range of document types;
- Smart measurement automatically analyzes results and refines the extraction model presenting improvement options to system administrators.
“We’re seeing financial institutions that have used Parascript for checks and signature verification for years, now adopt FormXtra.AI for what have always been highly manual or semi-automated data entry tasks such as classifying and extracting mortgage documents,” said Bill Johnson, VP of Global Sales at Parascript. “Existing technology has an average error rate associated with it that companies have to build into their risk model. FormXtra.AI provides much higher accuracy in classification and extraction as well as increased throughput or straight through processing. It also has a significant and measurable reduction in error rate. This means Loan To Value ratios can be more accurate—greatly reducing the risk assessment of the portfolio you are managing.”
“With the latest release, we offer deep learning handwriting recognition, which can support more use cases that cannot always supply pre-defined dictionaries or other rules,” Johnson explained. “Whereas before you had to integrate several platforms to accomplish complex or compound document processing, Parascript offers advanced capture, ICR/OCR, handwriting including cursive, signature verification and fraud detection—to name a few—all from a single provider platform. Watch this space for more announcements in the near future regarding our novel use of deep learning.”
Three Key Benefits
FormXtra.AI Smart Learning offers three critical benefits according Johnson. First, it reduces the Time-to-Live period, which impacts ROI. Parascript FormXtra.AI provides an extremely rapid Time-to-Live capability because there is so little manual configuration to get up-and-running in production.
Secondly, it reduces complexity to get the advanced capture system operational while ensuring higher accuracy. Unattended machine learning with FormXtra.AI means greater accuracy and improved throughput as result of fewer technical requirements and less staff required to adapt to changes in documents or the process. Fewer specifically skilled or trained technicians are necessary to support the application, further reducing the risk.
Third, the reduced error rate using Parascript FormXtra.AI increases efficiency in those business processes without changing a single task, simply by supplying more items that can be worked without exception processing.
For further details about FormXtra.AI Smart Learning 7.5 capabilities, check out the FormXtra.AI Feature Guide or recent the recent Smart Learning Leveraging FormXtra.AI case study. FormXtra.AI Smart Learning furthers Parascript’s leadership in innovation by providing the most reliable, automatic advanced capture system in the industry.
About Parascript, LLC
Parascript automates the interpretation of meaningful, contextual data from image and document-based information to support transactions, information governance, fraud prevention and business processes. Parascript provides Smart Learning advanced capture for any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, data extraction and verification technology. More than 100 billion documents for financial services, government organizations and the healthcare industry are analyzed annually by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM and value-added reseller network partners leverage, integrate and distribute Parascript software in the U.S. and across the world. Visit Parascript.