Transforming Money Order Processing with AI: Maxitech Facilitates Successful Partnership Between İşbank and Instabase Partnership
Maxitech played a key role in connecting İşbank, Turkey's largest private bank, with Instabase, an AI-powered platform, to transform the bank's money order processing system.
In banking, operational efficiency is crucial for maintaining a competitive edge. İşbank, Turkey’s largest private bank, faced significant challenges with its manual money order processing system.
To address these issues, İşbank tapped Maxitech’s support in finding an AI-powered automation solution. After thorough research and vetting, Maxitech proposed Instabase’s platform for unstructured data to automatically classify, extract, and validate data from unstructured money orders. This collaboration transformed İşbank’s operations, freeing up thousands of labor hours so employees could focus more on deep strategic initiatives and less on mundane tasks. What’s more, AI automation boosted classification accuracy from 50% to 80%.
The partnership exemplifies how AI can drive digital transformation in financial services, and highlights Maxitech's role in connecting disruptive startups with enterprises to solve complex business challenges.
Read on for the full story.
The Problem: Inefficiencies in Manual Money Order Processing
As one of Turkey’s largest banks, İşbank handles an immense volume of customer transactions every day, including approximately 20,000 pages of money orders. Historically, these documents, which arrive in various formats, required manual classification and data entry—a labor-intensive and costly process.
With operations bogged down by unstructured data, the bank faced increasing operational costs, longer processing times, and diminished customer satisfaction. In a competitive landscape, İşbank needed a solution that would streamline these workflows, reduce manual errors, and deliver superior service without compromising operational efficiency.
The Solution: AI-Driven Automation with Instabase
Maxitech, a venture capital firm known for connecting innovative startups with global enterprises, identified Instabase as the ideal partner to address İşbank’s challenges.
Specializing in AI-powered automation, Instabase developed Commonfax, a cutting-edge solution capable of automatically classifying, extracting, and validating data from complex money order documents. This AI-powered solution seamlessly integrates into İşbank’s existing systems and eliminates the need for manual intervention in routine tasks, making it a perfect fit for the bank's high-volume data processing needs.
Together, İşbank and Instabase built the Commonfax solution, which uses artificial intelligence to streamline the entire workflow, significantly improving classification accuracy and reducing the need for human labor. The collaboration, facilitated by Maxitech, allowed İşbank to adopt a truly disruptive technology, accelerating their digital transformation and improving operational agility.
The Results: Enhanced Efficiency and Scalability
The impact of the partnership was transformative:
- Improved Accuracy: The classification accuracy of money orders increased from 50% to 80%, while extraction accuracy jumped by 75%. This level of precision reduced the risk of human error and operational risks.
- Operational Efficiency: The automation of the money order process saved İşbank the equivalent of 31 full-time employees (FTEs), significantly lowering operational costs.
- Scalability: Instabase’s solution allowed İşbank to process an average of 25,000 pages of documents daily, with 98% of transactions completed within the defined SLA of four minutes, ensuring faster turnaround times and an improved customer experience.
- Business Transformation: İşbank’s operational efficiency soared, enabling the bank to scale its AI-driven processes beyond money orders, with plans to automate other functions like credit and foreign trade.
Maxitech’s strategic role in this partnership exemplifies its mission to bridge the gap between innovative AI solutions and global enterprises. By facilitating the connection between İşbank and Instabase, Maxitech not only introduced a transformative technology to a key player in the financial industry but also positioned İşbank to lead the future of AI-driven banking operations.
The Impact: AI Paves the Way for Increased Accuracy, Efficiency & Scalability in Banking
This partnership marks a breakthrough in AI-driven automation for the financial sector. By integrating Instabase’s AI platform, İşbank has transformed its money order processing, cutting manual labor, slashing costs, and boosting accuracy and scalability. It underscores AI’s growing role in streamlining complex workflows and solving inefficiencies in unstructured data.
Beyond İşbank’s success, this collaboration sets a powerful example for financial institutions aiming to leverage AI for better efficiency, accuracy, and customer service. Maxitech’s facilitation further highlights its pivotal role in driving innovation by connecting startups and enterprises to accelerate digital transformation.
Ready to accelerate your growth with AI?
Maxitech connects groundbreaking startups with industry-leading enterprises to drive innovation and digital transformation. Whether you're an AI startup seeking smart capital or an enterprise looking to harness the latest technology, Maxitech provides the resources, network, and expertise you need to succeed.
Book a meeting with us today to explore how our investment philosophy and corporate innovation services can unlock new opportunities for your business!