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AI facilitates a wide range of tools for fintech companies to transform their workflows. From fraud detection to financial decision making, through credit …
In this article, we will present how MiFinanzas, one of the most pushing forward Latam fintechs, used Cogniflow to automate part of their manual daily work. The company’s trade consists in facilitating access to financing and financial management for small and medium-sized companies, offering tools to boost businesses and ventures in a simple and accessible way. MiFinanzas has already more than 12.600 clients and 29.000 financings granted rounding 132 million dollars. A well-established and consolidated fintech.
AI facilitates a wide range of tools for fintech companies to transform their workflows. From fraud detection to financial decision making, through credit risk assessment or default prediction, among others, AI techniques can assist these firms to turn their processes lighter and more cost-effective.
MiFinanzas was not the exception, having some improvement opportunities on the manually processing of the bank checks photos. These images were being uploaded by the users through the web platform or the mobile app. Checks contain a lot of information for being manually, visually retrieved: bank and branch ids, client current account number, currency, amount, if it’s signed or not, among others. So they came to us with one wish in mind: how Cogniflow can help us process our bank check images in a more efficient way by invoking the power of AI? 🤖
Fortunately, Cogniflow had the right tools in order to cope with the challenges presented: Image Recognition and Object Detection models. The first one is to identify the check’s issuing bank and the second one to detect (and count) signatures and read the digits located at the check’s footer.
So let’s see how they used Cogniflow to solve the challenges presented.
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the domains are available on the date I accessed them 11/18/2022. Bank-Check-Identification-With.ai | BankCheckIdentificationWith.ai