December 7, 2016
RAGE Frameworks’ Artificial Intelligence Solution Automates Financial Data Processing for Major Financial Institution
AI enabled automation will drive dramatic time and money savings
DEDHAM, MASS. – December 7, 2016 – RAGE Frameworks, a provider of artificial intelligence (AI) for the Enterprise, today announced that a leading diversified investment and financial services company has deployed RAGE LiveSpreadTM to automate the extraction, interpretation and processing of financial statements and other documents needed for credit analysis. RAGE LiveSpreadTM is a contextual, traceable machine learning solution built on the RAGE-AI™ platform.
Dealing with variations in form (electronic files, pdfs, and paper statements), format, language, accounting standards across countries, and data delivery methods makes financial statement automation a major challenge. Currently, this is a manual, error-prone, and non-scalable process at every major bank around the world. At this leading investment and financial services company, RAGE’s solution completely automates the ingestion, extraction, interpretation of investment reports, bank statements and Income Tax returns. From this high variability, completely non-standard external universe to now a single normalized common format, the company was able to drive upwards of 80% efficiency improvement.
“This deal is further validation of both the unresolved need in the market and RAGE’s unique solution to address it. RAGE-AI™ offers the market something that was previously unavailable, high accuracy automated extraction and interpretation of data from various types of financial documents, including the interpretation of unstructured text found in footnotes,” said Aashish Mehta, SVP Business Banking at RAGE Frameworks. “Our Intelligent Machines are changing the way financial service firms conduct business by enabling greater automation in areas that were considered automation proof.”
RAGE’s LiveSpreadTM has been deployed in several leading global financial institutions resulting in higher quality, improved customer satisfaction, reduced costs, and improved responsiveness to regulatory changes and faster turnaround times.
About RAGE Frameworks: It’s Possible
RAGE Frameworks Inc. is a leader in knowledge-based automation technology and services providing AI for the Enterprise. RAGE-AI™ is a no-code patented platform for end-to-end automation of knowledge-based processes. RAGE-AI™ is currently used by some of the largest banks, manufacturers, consulting companies, high tech firms, and logistics companies. Headquartered in Dedham, Massachusetts with global operations centers in Pune and Belgaum, India, RAGE offers unprecedented speed, flexibility and insight in solving today’s most complex, critical business problems. Visit us at www.rageframeworks.com to learn more about RAGE AI™ and our entire suite of intelligent automation solutions and follow us on Twitter @RAGE_Frameworks.
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