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The importance of accurate data that’s easily accessible and well-organized cannot be understated when it comes to annuity statements and other financial documents. Financial advisors, RIA firms, CFP practitioners, among providers of investment guidance are familiar with the crush of documents and files that can come across their desks.
As a financial advisor, your main focus needs to be on making the right analyses, managing your clients' investment portfolios, and accomplishing a litany of other services that require your expertise. Being bogged down with data entry (or dealing with a software that only provides partial solutions), takes away from the quality time you can spend doing what you do best.
Standard AI and ML alone aren’t always the answer
If you’ve processed large amounts of financial data before and have spent hours entering document fields by hand, you may have peeked into the world of artificial intelligence (AI), machine learning (ML), and optical character recognition (OCR) solutions.
These technologies may be useful for some cases, but they typically have limitations:
- Coding know-how. You may be an expert fiduciary and a seasoned financial professional, so no one would blame you for not having a background in software, coding, or data science. However, implementing and overseeing many standard AI/ML platforms require a lot of training and coding experience. Your business may have to build an internal data science team or hire outsourced specialists.
- Constant training (and retraining). Typical ML platforms come with lots of maintenance. Users need to be vigilant to ensure machine learning models are working as they should, and if the models encounter a new form or type of data field that doesn’t fit the existing training, you have to step in and retrain them to adapt to your evolving needs. Retraining standard ML models take a ton of new training data, expertise, and valuable time.
- Limited OCR solutions. OCR may be helpful at first, but these solutions are often limiting and time-consuming because a user has to deal with incorrect readings and won’t have the ability to intervene throughout the process to make simple adjustments and corrections.
Automate financial statement processing in moments using Impira AutoML and OCR
Impira offers a complete suite of tools that works together to automate data extraction so you can have full control and transparency from end to end. We leverage the strengths of multiple technologies like automatic machine learning (AutoML), OCR, and robotic process automation (RPA), to be a powerful, fully-customizable automation tool ready to manage nearly any document or form you throw at it.
- No-code AI/ML. With Impira, you can incorporate powerful data automation into your organization without writing a single line of code.
- Training made simple. With just a few clicks, you’ll be able to create and "train" a custom machine learning model to follow your lead and identify important pieces of data within your document, and it’ll take those learnings and apply them across the rest of the documents in your collection. No need for tons of training data or ML expertise.
- OCR + AutoML. If OCR is the "eyes" that read your documents, AutoML is the brain that keeps learning and applying new lessons so you can introduce flexibility into the equation.
Follow this step-by-step guide on processing annuity statements to see how you can extract data in just a few minutes. With Impira, you have the power and the tools you need to convert the time you typically spend entering data into an opportunity to be the best financial advisor you need to be.