CARP-E Annual Reports: accelerating mortgage and credit applications, credit revision etc.

Automatically extracting information from annual reports
Financial markets process millions of annual reports every day. They extract the necessary information that is used in the process of granting mortgages and loans. Retrieving and processing data is manual intensive work with a high risk of errors. TM7 has developed a software solution: CARP-E Annual Reports, for the automated extraction of the required data from large quantities of annual reports.

For whom?
Due to the many checks CARP-E Annual Reports applies, other or additional information is often found that is not released by the standard XBRL of the Chamber of Commerce. This is one of the benefits for the following parties:

  • Financial institutions (mortgage lenders, lenders)
  • Intermediary / intermediaries
  • Insurance companies
  • Leasing companies

Our solution is in use at one of the major Dutch banks.

How does it work?
There is a great diversity in annual reports: the structure differs enormously and texts to indicate something can also vary throughout an annual report. Because our Reading Robot CARP-E is based on language technology Natural Language Processing (NLP), it is able to interpret human language. Therefore, despite differences in text, CARP-E Annual Reports can still recognize and extract the relevant data.

Steps:

  1. The annual reports are offered (usually in PDF format)
  2. The annual reports are OCR-d. That means that they are converted into a textual document (text recognition), making documents fully searchable.
  3. CARP-E starts to analyze an annual report and extracts the relevant data based on, among other things, SBR labels. With smart business rules, any (OCR) errors are corrected.
  4. The results are recorded in a desired output format, such as an analysis sheet. CARP-E also performs the necessary checks to validate that the data is correct.
  5. If desired, the data can still be offered to another system (for example XML for API connection).
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CARP-E Annual Reports: intelligent software to give you quick insights into your financial data

Why CARP-E Annual Reports?

Developed in collaboration with financial institutions
CARPE-E Annual Reports is a complete NLP solution, developed in close collaboration with financial institutions in order to be able to replace manual labor with an automated solution.

Very short learning time: the solution has already proven itself in the market.
Thanks to the experience we have gained in the financial world, we can develop and roll out quickly because our best practices and “standard” business rules are included in our solution. This means that our CARP-E Annual Reports only need to learn customer-specific processes.

Flexible and quick to adjust
The retrieval of correct data from annual reports differs per organization and department. CARP-E Annual Reports is very flexible and can be adapted quickly and easily for different circumstances and scenarios.

What does it deliver?
CARP-E Annual Reports ensures a faster, more accurate, clearer and more efficient application and assessment process. With benefits for customers, advisers and lenders.

  • CARP-E processes annual reports at least 5 to 30 times faster than a person.
  • The software takes over a large part of the collection work: employees no longer have to dig through the annual reports themselves in search of the data.
  • Substantially lower administrative costs and a shorter through put time.
  • High level of accuracy due to the built-in controls.
  • High degree of reproducibility (machine instead of different people).

Other possibilities
This solution can also be used to automatically extract information from other document types, such as for example from IT declarations, purchase contracts etc.

In addition, CARP-E provides even more working solutions for financial institutions, such as:

  • Accelerate customer due diligence through rapid verification of ID cards
  • Speed up processing of salary garnishments and bank garnishments
Want to know more about CARP-E Annual Reports or what CARP-E can do for you?