MONETA Money Bank has a clear vision - to be the most innovative organisation providing financial services in the Czech Republic. As a digital bank, MONETA Money Bank is constantly improving its services, while looking for new solutions in the framework of digitisation. Thanks to this, it can offer its clients solutions to their financial needs conveniently and securely online, anywhere and anytime. MONETA Money Bank was the first bank in the Czech Republic to allow clients to open a current account completely online using just a smartphone and to start using it right away.
StringData was approached by MONETA Money Bank with a request for the automation and digitisation of defined types of input documents - financial statements, with the possibility of future extension to include other types of documents such as payment orders, invoices, ID cards, etc.
The whole project brought excellent results and reduced the labour intensity of processing incoming documents to 25%. The DocumentAnts solution automates processing more than 1,500 individual cases per month. Documents are no longer manually processed one by one in the back office like before. Thanks to automation, parallel processing occurs for each incoming case. Digitisation also represents a very effective solution, for example, for financial analytics. There, data such as the company’s ID number or period for which the statement is submitted needs to be checked. A secondary benefit is the immediate response clients get. In this way, they know the documents they sent are in order in the space of 1 minute.
It was necessary to automate processing financial documents, which come from clients in various forms and structures and which took a lot of time to process manually by the MONETA Money Bank back office..
MONETA Money Bank required the automation and digitisation of defined types of input documents - financial statements. We had to automate the processing of approximately 1,500 cases per month. In this context, the bank received various types of financial statements from clients in different forms and structures - namely Balance Sheets, Profit and Loss Statements and Tax Returns for natural persons and corporate entities. A large team of people was essential to manually process these documents. Information and data from these documents is manually transcribed into the core system. This leads to an assessment of creditworthiness in case of new clients or financial monitoring in case of existing clients.
The aim was to reduce the labour intensity of processing financial statements, together with the option of clients submitting financial statements directly to the bank. This would give the client immediate feedback about the status of processing the documents they have submitted.
We chose the DocumentAnts solution - a tool for the automatic extraction of data from financial statements, which saves significant time and eliminates errors through digitisation.
DocumentAnts by StringData has modules for the detection and extraction of machine-readable files such as Balance Sheets, Profit and Loss Statements and Tax Returns for natural persons and corporate entities.
DocumentAnts can contextually search documents and perform selected business checks across individual documents thanks to its connection to the bank’s existing internal systems. The ability to contextually search documents resolved the problem of the highly variable design and layout of submitted financial statements.
DocumentAnts performs certain business checks to verify the accuracy of submitted financial documents based on extracted figures and acquired metadata. MONETA Money Bank and the StringData team defined a total of 25 business checks for the solution. These checks are used to evaluate the manner in which each incoming case is handled. Depending on the combination of checks, three processing methods can occur: automatic processing, manual processing by the MONETA Money Bank back office or the tool will return the case to the client who submitted the documents because they are incorrect in some way.
In the context of the scalability, we can extend the use of the DocumentAnts tool to include other administrative operations at the bank and add other types of documents, e.g. processing payment orders, invoices, ID cards and other documents.
The project brought excellent results. The solution currently processes 72% of cases automatically, without the need for human intervention; original staffing requirements for the back office department, which processes financial statements and documents, dropped to one quarter.
The digitisation of processing financial statements reduced the number of staff needed to handle these administrative operations by 75%. Another major benefit is the immediate feedback clients receive after uploading documents to the system. If there is insufficient information for automatic processing, DocumentAnts returns the specific case to the client for correction, depending on the type of discrepancy. Alternatively, the tool forwards the case to the back office for a manual check. The chosen solution has been fully integrated into MONETA Money Bank’s internal systems and they are considering extending the use of DocumentAnts to include other types of documents in the future.
The DocumentAnts team at StringData worked on the project in close cooperation with representatives from Moneta Money Bank’s IT and business departments.
We began implementing the solution virtually as soon as the order was placed and cooperation was provided. The implementation of the project took place in three stages and we put the solution into operation within 4 months. The next 4 months were spent improving extraction algorithms.
“MONETA Money Bank was faced with the decision of whether to leave processing financial statements in its current form or to go the way of a digital leader: I’m glad we chose StringData for this project and that we went the way of digitisation and automation. It also raised the need to educate clients and motivate them to submit documents electronically.
Automated processing of incoming documents meant a significant reduction in the labour intensity of the whole process for MONETA Money Bank. Thanks to the digitisation of processing financial statements, staffing requirements in the back office department were reduced by 75%, and the immediate feedback clients receive after uploading documents to the system was also a major benefit. Three quarters of cases are now processed automatically, without human intervention.”