The full form of IDP in banking, as it relates to processing documents and data, is Intelligent Document Processing.
Understanding Intelligent Document Processing (IDP)
IDP is a technology used to automatically extract specific data from various data sources. This is especially useful in banking for handling large volumes of documents and automating data entry.
- IDP systems can analyze and extract information from sources such as:
- Bank accounts
- Bank statements
- Credit card transactions
- Other financial documents
Benefits of IDP in Banking
Here are some of the key benefits of implementing IDP in banking operations:
- Automation: IDP automates the extraction of data, reducing manual effort.
- Accuracy: It improves accuracy compared to manual data entry.
- Efficiency: IDP accelerates processing times, improving overall efficiency.
- Cost Reduction: By automating tasks and reducing errors, IDP helps lower operational costs.
