Absa has implemented an artificial intelligence (AI) and optical character recognition (OCR) solution within its debt review team in SA to reduce manual data entry and accelerate workflow initiation.
The solution automates the extraction and capture of information from standard documents, creating a scalable platform to process more complex file types in the future.
The automated platform has driven a 41% increase in document indexing efficiency, enabling a one-day turnaround time for all newly received documents and emails.
The debt review process has traditionally been document-intensive, requiring information from multiple providers to be captured manually. This created significant operational effort, longer processing cycles, and a higher risk of human error.
"The introduction of an AI/OCR solution in the debt review team has enabled us to automate manual processes and improve operational efficiency," said Kendrick Chauke, national manager for debt review at Absa.
He added: "While employees initially had questions about the impact on their roles, these were addressed through effective change management and engagement. Rather than replacing roles, this innovation has reduced repetitive tasks and allowed the team to focus on more value-adding activities that require skilled human expertise."
Robert Benvenuti, chief information officer for data and applied AI at Absa, said: "These enhanced capabilities mark a significant step forward in Absa’s commitment to using AI technology to improve customer outcomes and drive operational excellence."
Absa is exploring further opportunities to expand automation across its operations to strengthen service delivery across SA's financial services sector.
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