{"id":24296,"date":"2023-11-21T05:00:00","date_gmt":"2023-11-21T05:00:00","guid":{"rendered":"https:\/\/parashift.io\/?p=24296"},"modified":"2025-11-30T22:45:37","modified_gmt":"2025-11-30T22:45:37","slug":"idp-transforms-the-banking-sector-and-defies-cloud-concerns","status":"publish","type":"post","link":"https:\/\/parashift.ai\/en\/idp-transforms-the-banking-sector-and-defies-cloud-concerns\/","title":{"rendered":"Intelligent Document Processing (IDP) transforms the banking sector and defies cloud concerns"},"content":{"rendered":"\n<p>The financial sector is highly regulated and it is imperative that regulations are adhered to. Otherwise, there is a risk of high fines and reputational damage. For a long time, this risk deterred banks and financial service providers from implementing software from the cloud. Fortunately, those days are over: today, software can be operated securely and compliantly in the cloud. The cloud holds great potential, especially for automation solutions in document processing in the financial sector.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Key takeaways:<\/strong>\u00a0Document-based processes in banks are a complex undertaking. Important data from numerous documents must be captured as quickly and accurately as possible in order to drive use cases forward in real time. With a modern Intelligent Document Processing (IDP) solution that is securely operated in the cloud, banks and financial service providers get their money&#8217;s worth.<\/p>\n\n\n\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-secure-cloud-services-time-for-banks-to-take-the-leap\">Secure cloud services: Time for banks to take the leap<\/h3>\n\n\n\n<p>Software from the cloud is no longer the future, but the present. Even for the financial sector, which was (rightly) cautious for a long time due to the high demands on data security and strict regulatory requirements, there are now fewer concerns than ever. For cloud solution providers, investing in security is of paramount importance. In fact, the security of a cloud solution is one of the key aspects of a modern provider.<\/p>\n\n\n\n<p>Secure cloud services open up completely new possibilities for banks and financial service providers in the digitalization process. The use of artificial intelligence, which depends on cloud computing, has become an important tool for banks and financial service providers to differentiate themselves in a rapidly evolving market.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>At Parashift, we\u2019ve helped 50+ companies on their journey to process documents in the secure Parashift cloud. We understand the concerns Enterprises have when they adopt cloud solutions and we know how to address them from the Information Security and Compliance perspective.<\/em><\/p>\n<\/blockquote>\n\n\n\n<div style=\"height:75px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cloud-security-made-for-banking-requirements\">Cloud security, made for banking requirements<\/h3>\n\n\n\n<p>For banks and financial service providers, the secure handling of sensitive customer data from sensitive documents is an absolute must. Maximum cloud security therefore requires a modern cloud infrastructure. The Parashift Intelligent Document Processing platform for capturing and processing complex data from complex documents was developed for maximum security and compliance in the cloud. Parashift works in compliance with the EU General Data Protection Regulation (EU GDPR) and ensures that all data processing activities comply with the principles and requirements of the regulation. The Parashift IDP platform runs in ISO27001, ISO27017, ISO27110, ISO27018, SOC 1\/2\/3, PCI DSS, CSA STAR and HIPAA compliant data centers.&nbsp;<\/p>\n\n\n\n<p>Furthermore, Parashift ensures the latest cloud security and EU GDPR compliance with its IDP platform. Parashift was specially developed to enable banks to process client identifying data (CID) in the cloud in a secure and privacy-compliant manner. Parashift has developed its own training data format for this purpose, which represents the training data but no longer allows any conclusions to be drawn about the original data. For this reason, documents with customer identification data can be processed and learned from without leaving the data in the cloud for an unnecessarily long time.<\/p>\n\n\n\n<p>Further information on product security, security of the Parashift IDP platform infrastructure, organizational security and data protection can be found\u00a0<a href=\"https:\/\/parashift.ai\/infosec-compliance\/\">here<\/a>.<\/p>\n\n\n\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-benefits-for-banks-with-intelligent-document-processing-in-the-cloud\">Benefits for banks with Intelligent Document Processing in the Cloud<\/h3>\n\n\n\n<p>Using a modern, cloud-based Intelligent Document Processing (IDP) solution enables banks and financial service providers to transform their document-based processes and use cases. Improved efficiency, lower costs and greater accuracy are just some of the benefits. By automating document processing, employees can be deployed to high-value tasks, manual data entry errors are reduced and regulatory compliance is ensured.<\/p>\n\n\n\n<p>The benefits of an IDP solution in the cloud, as opposed to on-premises, include:<\/p>\n\n\n\n<p><strong>1. \u200bScalability:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cloud:<\/strong>&nbsp;Cloud-based solutions offer scalability and allow banks to easily increase or decrease the number of documents to be processed as required. This is particularly beneficial for banks that experience fluctuations in document volumes.<\/li>\n\n\n\n<li><strong>On-premises:<\/strong>\u00a0The scalability of on-premises solutions requires additional investment in hardware and infrastructure, which is time-consuming and expensive.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:39px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>2. \u200bCost efficiency:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cloud:<\/strong>&nbsp;Cloud solutions usually follow a pay-as-you-go model, where banks only pay for the resources they use. This is extremely cost-efficient, especially for smaller banks with varying document processing requirements.<\/li>\n\n\n\n<li><strong>On-premises:<\/strong>\u00a0On-premises solutions are associated with high upfront investments for hardware and software licenses.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:39px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>3. Maintenance and updates:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cloud:<\/strong>&nbsp;The IDP provider takes care of maintenance and updates and ensures that the IDP solution always runs with the latest software versions, the latest features and the latest security patches.<\/li>\n\n\n\n<li><strong>On-premises:<\/strong>\u00a0The bank&#8217;s IT team is responsible for maintaining and updating on-premises solutions, which is extremely resource-intensive.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:39px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>4. Security:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cloud:<\/strong>&nbsp;The IDP provider invests heavily in security measures, including encryption, access controls and compliance certifications.<\/li>\n\n\n\n<li><strong>On-Premises:<\/strong>\u00a0Banks need to provide resources themselves to ensure security and compliance.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:39px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>Parashift is the cloud-native Intelligent Document Processing (IDP) solution that meets all of a bank&#8217;s InfoSec and compliance requirements while being at the forefront of AI development.<\/em><\/p>\n<\/blockquote>\n\n\n\n<div style=\"height:61px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-view-on-the-platform-secure-and-simple-user-interface\">View on the platform: Secure and simple user interface<\/h3>\n\n\n\n<p>With the Parashift IDP platform, banks and financial service providers can use a cloud-native solution that handles sensitive data securely. The Parashift team is focused on leveraging innovative technologies together with the rapidly growing data network, while always maintaining high standards for information security and compliance. This focus enables banks to use the IDP platform in the cloud for their customer identifying data (CID).<\/p>\n\n\n\n<p>Let&#8217;s take a look at the platform for a better understanding. The four screenshots show Parashift&#8217;s straightforward user interface. The screenshots are the following documents:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>a salary statement (in this example it is a monthly statement) in extraction mode on the platform.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/parashift.ai\/wp-content\/uploads\/2023\/11\/Salary_statement_monthly_Banking-1024x656.png\" alt=\"\" class=\"wp-image-24297\"\/><\/figure>\n\n\n\n<div style=\"height:71px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol class=\"wp-block-list\">\n<li>a bank account statement in extraction mode on the platform.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/parashift.ai\/wp-content\/uploads\/2023\/11\/Banc-Account-Statement-1024x568.png\" alt=\"\" class=\"wp-image-24299\"\/><\/figure>\n\n\n\n<div style=\"height:73px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol class=\"wp-block-list\">\n<li>a credit card statement in extraction mode on the platform.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/parashift.ai\/wp-content\/uploads\/2023\/11\/Credit-Card-Statement-1024x566.png\" alt=\"\" class=\"wp-image-24301\"\/><\/figure>\n\n\n\n<div style=\"height:69px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol class=\"wp-block-list\">\n<li>a correspondence (here in the example it is a cancellation letter) in DocGenius, the Generative AI (GenAI) on the platform.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/parashift.ai\/wp-content\/uploads\/2023\/11\/Parashift_DocGenius.png\" alt=\"\" class=\"wp-image-24303\" style=\"width:439px;height:auto\"\/><\/figure>\n\n\n\n<div style=\"height:65px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The Parashift IDP solution automatically extracts the following essential data from these document types, which are equally important for banks and financial service providers:<\/p>\n\n\n\n<p><strong>Monthly salary statement<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Employee:<\/strong>&nbsp;First name, last name, street, house number, postal code, city, etc.<\/li>\n\n\n\n<li><strong>General information:<\/strong>&nbsp;Document date, payroll period, net salary, gross salary, currency, expense amount, employee no., AHV number, etc.<\/li>\n\n\n\n<li><strong>Bank details:<\/strong>\u00a0Name of bank, IBAN, etc.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Bank account statement<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>General information:<\/strong>&nbsp;Name of the bank, address of the bank, accounting period (from), accounting period (to), date of issue of the account statement, etc.<\/li>\n\n\n\n<li><strong>Details of the account holder:<\/strong>&nbsp;Name and address, etc.<\/li>\n\n\n\n<li><strong>Line item data:<\/strong>\u00a0Booking date, exact description, amount of debit, amount of credit, etc.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Credit card statement<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Customer:<\/strong>&nbsp;First name, last name, street, house number, zip code, city, etc.<\/li>\n\n\n\n<li><strong>Line item data:<\/strong>\u00a0Card number, cardholder, transaction date, booking date, name of the item, currency, amount in foreign currency, exchange rate, amount, etc.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As can be seen in the examples from the platform, banks and financial service providers can use the Parashift IDP solution in the cloud to accurately and securely capture and process all essential line item data for the individual use cases (e.g. for the mortgage process, the onboarding process, etc.). As can be seen in the last screenshot (DocGenius), the Parashift IDP solution can do much more.<\/p>\n\n\n\n<p>Driven by the unique&nbsp;<a href=\"https:\/\/parashift.ai\/document-swarm-learning-ai\/\">Document Swarm Learning technology<\/a>, Parashift has integrated further important functions for document processing into the IDP solution through the use of Large Language Models (LLMs). DocGenius and Generative AI make text interpretation much easier. For documents such as bank account statements, for example, employees can use Generative AI to obtain information about specific items. To do this, employees can ask questions about the document in a chat-like format, which can look as follows, as shown in the example in the screenshot:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>&#8220;What type of document is this?&#8221;<\/strong>&nbsp;You will be informed immediately what type of document it is. In this case, a cancellation letter.<\/li>\n\n\n\n<li><strong>&#8220;Give me a summary of the document.&#8221;<\/strong>\u00a0As you can see on the screenshot, you will receive a written summary of the cancellation letter in a few seconds.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:72px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-conclusion-banks-transform-their-document-based-processes-with-cloud-idp\">Conclusion: Banks transform their document-based processes with cloud IDP<\/h3>\n\n\n\n<p>With Parashift&#8217;s IDP platform, banks and financial service providers benefit from a cloud solution that meets all compliance and data security requirements while being at the forefront of AI development. This combination creates a unique mix and transforms the document-heavy processes in the financial industry.<\/p>\n\n\n\n<p><a href=\"https:\/\/parashift.ai\/en\/contact\/\">Talk<\/a>\u00a0to one of our experts about your specific requirements. Or\u00a0<a href=\"https:\/\/parashift.ai\/book-demo\/\">test<\/a>\u00a0the Intelligent Document Processing platform yourself for 14 days free of charge and without obligation.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/parashift.ai\/book-demo\/\">Request a free demo<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:59px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Follow us on <a href=\"https:\/\/www.linkedin.com\/company\/parashiftag\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a> to get the latest IDP News.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial sector is highly regulated and it is imperative that regulations are adhered to. Otherwise, there is a risk of high fines and reputational damage. For a long time, this risk deterred banks and financial service providers from implementing&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[51],"tags":[],"class_list":["post-24296","post","type-post","status-publish","format-standard","hentry","category-finance-and-insurance"],"_links":{"self":[{"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/posts\/24296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/comments?post=24296"}],"version-history":[{"count":2,"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/posts\/24296\/revisions"}],"predecessor-version":[{"id":31309,"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/posts\/24296\/revisions\/31309"}],"wp:attachment":[{"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/media?parent=24296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/categories?post=24296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/parashift.ai\/en\/wp-json\/wp\/v2\/tags?post=24296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}