Case Studies Global financial services leader extracts financial information from PDFs with 99% accuracy

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	Global financial services leader extracts financial information from PDFs with 99% accuracy

Global financial services leader extracts financial information from PDFs with 99% accuracy

Technology Category	Analytics & Modeling - Data Mining Analytics & Modeling - Machine Learning
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Services	Software Design & Engineering Services
Challenge	The bank needed to extract structured financial data from balance sheets and income statements (hOCR PDF) from private company financials. This task was challenging due to the unstructured nature of the data and the need for high accuracy in financial reporting. Traditional methods, such as manual data entry or rules-based systems, were time-consuming and prone to errors. The bank required a solution that could automate the extraction process, improve accuracy, and handle the variability in document formats and data presentation. Read More
About Customer	The customer is a global financial services leader, known for its extensive range of financial products and services. This organization operates on a large scale, serving millions of clients worldwide, including individuals, businesses, and institutions. The company is committed to leveraging advanced technologies to enhance its operations and deliver superior services to its clients. With a focus on innovation, the financial services leader continuously seeks to improve its processes, particularly in areas that involve large volumes of data and require high precision, such as financial data extraction and analysis. Read More
Solution	The bank implemented Snorkel Flow to develop an AI-powered financial spreading application. This application was designed to parse both textual and spatial/visual data features from financial documents. By leveraging machine learning and data mining techniques, the application could accurately extract structured financial data from unstructured documents. The use of Snorkel Flow allowed the bank to automate the data extraction process, significantly reducing the time and effort required for manual data entry. The AI-powered solution also provided greater generalizability, enabling the bank to handle a wider variety of document formats and data presentations with high accuracy. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Data Mining

Analytics & Modeling - Machine Learning

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Services

Software Design & Engineering Services

Challenge

The bank needed to extract structured financial data from balance sheets and income statements (hOCR PDF) from private company financials. This task was challenging due to the unstructured nature of the data and the need for high accuracy in financial reporting. Traditional methods, such as manual data entry or rules-based systems, were time-consuming and prone to errors. The bank required a solution that could automate the extraction process, improve accuracy, and handle the variability in document formats and data presentation.

About Customer

The customer is a global financial services leader, known for its extensive range of financial products and services. This organization operates on a large scale, serving millions of clients worldwide, including individuals, businesses, and institutions. The company is committed to leveraging advanced technologies to enhance its operations and deliver superior services to its clients. With a focus on innovation, the financial services leader continuously seeks to improve its processes, particularly in areas that involve large volumes of data and require high precision, such as financial data extraction and analysis.

Solution

The bank implemented Snorkel Flow to develop an AI-powered financial spreading application. This application was designed to parse both textual and spatial/visual data features from financial documents. By leveraging machine learning and data mining techniques, the application could accurately extract structured financial data from unstructured documents. The use of Snorkel Flow allowed the bank to automate the data extraction process, significantly reducing the time and effort required for manual data entry. The AI-powered solution also provided greater generalizability, enabling the bank to handle a wider variety of document formats and data presentations with high accuracy.

Impact #1	The implementation of Snorkel Flow led to superior performance in data extraction tasks, with the AI-powered application achieving 99% accuracy in extracting financial information from PDFs.
Impact #2	The solution provided greater generalizability, with 2x coverage compared to a purely rules-based approach. This means the application could handle a wider variety of document formats and data presentations effectively.
Impact #3	The AI-powered financial spreading application was 45x faster compared to hand-labeling, significantly improving the efficiency of the data extraction process.

Impact #1

The implementation of Snorkel Flow led to superior performance in data extraction tasks, with the AI-powered application achieving 99% accuracy in extracting financial information from PDFs.

Impact #2

The solution provided greater generalizability, with 2x coverage compared to a purely rules-based approach. This means the application could handle a wider variety of document formats and data presentations effectively.

Impact #3

The AI-powered financial spreading application was 45x faster compared to hand-labeling, significantly improving the efficiency of the data extraction process.

Benefit #1	2x coverage compared to rules-based approach
Benefit #2	99% extraction accuracy
Benefit #3	45x faster compared to hand-labeling

Benefit #1

2x coverage compared to rules-based approach

Benefit #2

99% extraction accuracy

Benefit #3

45x faster compared to hand-labeling

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Overview

Global financial services leader extracts financial information from PDFs with 99% accuracy

Operational Impact

Quantitative Benefit