İşbank, Turkey’s largest privately owned bank, has partnered with Instabase, a leader in generative AI solutions.
This collaboration, facilitated by Maxitech, İşbank’s Silicon Valley-based subsidiary, aims to overhaul how İşbank processes daily customer money orders, enhancing operational efficiency and customer service.
The partnership was formed to address the challenges İşbank faced with the manual processing of nearly 30,000 pages of money orders each day. These documents, filled with unstructured data, previously required labor-intensive classification and data entry, leading to high costs and delays that affected customer satisfaction.
İşbank has now integrated Instabase’s generative AI technology for their ‘Commonfax’ use case, which automatically classifies, extracts, and validates data from these documents. The implementation has significantly improved efficiency with document classification rates soaring from 41.4% to 85% and data extraction rates climbing from 22.5% to 75%. This AI solution marks just the beginning, as both companies are exploring further applications to streamline operations and reduce employee workload.
The initiative is part of a broader strategy to incorporate advanced technology into İşbank’s operations, underpinning its commitment to innovation and enhanced client service.
Meltem Vural, Head of Enterprise Architecture at İşbank, said, “At İşbank, we are constantly seeking innovative solutions to improve our operational efficiency and customer satisfaction. Partnering with Instabase and leveraging their advanced AI technology, facilitated by our subsidiary Maxitech, enables us to revolutionize money order processing, reducing costs and improving service delivery. We’re thrilled to be the first in Türkiye to deploy such a cutting-edge AI solution, which has yielded evident and measurable benefits to our business.”
Burak Arik, CEO of Maxitech, said, “At Maxitech, we are committed to solving today’s enterprise challenges with tomorrow’s technologies. This partnership embodies our mission to bridge the gap between truly disruptive startups and industry-leading enterprises. Utilizing our extensive network and deep market insights, we are positioned to bring Instabase’s transformative potential to a broader range of enterprises.”
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