Opisware is a platform for document-based workflow and process automation using ML to help financial services such as banks and enterprise companies tackle document-based workflows

About

Opisware is a platform for document-based workflow and process automation. The main focus is on using ML to help financial services such as banks, enterprise companies, and fintech companies tackle document-based workflow challenges that are currently manual and hard to automate. Opisware does this through Intelligent Automation. A sample use case will be for KYC process at the lending department within the bank. The operations staff can use our suite of applications on Opisware to create and easily train a pipeline that classifies and extracts desired information from different W2 providers (ADP, Paychex, Intuit, etc). The same pipeline can be used for all documents regardless of document formats (PDF, scanned images, camera photos). Users with or without technical ability can use the platform to setup and extract the data they need (zero ML knowledge required). The existing applications within the Opisware platform focus on document processing because that is the area where we see many organizations face challenges and minimal innovation has occurred in the current market. However, Opisware aims to be that single portal for non-technical teams to interact with different systems and data freely and for technical teams to integrate with different systems easily.

Key Benefits

Computers cannot fully understand and interpret digitized documents and assign meaning to the content they contain without either guidance from a pre-learnt template or constant repetitive intervention from a human. For all use cases where a template cannot be used this means a high level of human resource is needed to help computers process documents which is costly, introduces errors, is boring and de-motivational for employees. In our prior experience working with other major banks in the past, the main issue operations staff face is the turnaround time for any basic data extraction problems and even simple tasks. Our platform not only allows the automation of the pipeline in the software and system level but also allows non-technical staff to solve complex data challenges via their internally hosted version of our platform. We understand that business requirements change often and hence we have designed Opisware to be easily extensible to work with different external systems or allow us to easily create new applications on top of our platform.

Applications

Loan Approval Pipeline: Opisware can also be leveraged by financial institutions to create a loan processing pipeline. Parse text from scanned and photographed documents, distinguish between different types of documents (e.g. driver’s license vs. W-4), and parse the relevant data from each type of document, verifying that certain thresholds are met (e.g. income is greater than $50K/year). The output can then be used to decide whether or not to approve the loan. Processing Employee Forms and Invoices: One of the most general applications of Opisware is in a pipeline for processing forms. Businesses can use such a pipeline to help automate payroll, taxes, and more. Apply OCR to forms and parse the relevant fields from output text. Export results to CSV. Insurance Actuarial Process: Another use case for Opisware is in the insurance actuarial process. To assess the risk associated with a potential insurance consumer, parse text from scanned and photographed documents, distinguish between different types of documents (e.g. criminal records vs. healthcare records), and parse the relevant data from each type of document, verifying that certain conditions are met (e.g. the individual is in good health with no criminal record). The resulting data can then be used to predict the likelihood that the insurance agency will have to pay out claims to an individual or business. Government ID System: For divisions of the government seeking to scan various forms of identification, Opisware can extract relevant data from photos of the documents in question, classify the documents by type, and parse them to identify relevant fields. Then, Opisware services could leverage external government web portals to search or input information on the individual. Hospital Administration System: Hospitals can leverage Opisware’s family of apps to establish personnel and patient management systems. When a patient provides identification or signs a HIPAA waiver, the document can be scanned in and its associated structured data can be parsed (identifying which patient it corresponds to) and saved to a database managed by Opisware. In this database, the patient’s personal information can be associated with which insurance provider they use, which procedures they’ve had done, and more.

Register for free for full unlimited access to all innovation profiles on LEO

  • Discover articles from some of the world’s brightest minds, or share your thoughts and add one yourself
  • Connect with like-minded individuals and forge valuable relationships and collaboration partners
  • Innovate together, promote your expertise, or showcase your innovations