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Banking / Document Management

Coopeuch Creates a Unified Database of Its Salary Documentation with ABBYY

Customer Overview

Name Coopeuch
Headquarters Chile
Industry Banking & Finance
Web

Partner Overview

Name Comercial SF EIRL
Headquarters Chile
Web
Challenge

Processing of salary documentation

Solution

ABBYY FlexiCapture

Results
    • Creation of an easily-searchable database of more than 100,000 documents
    • Processing time reduced 8 times

Coopeuch is Chile’s largest savings and credit cooperative and one of the most important credit unions in Latin America. The institution was founded in 1967 by officials at the University of Chile and today maintains a presence in all the main regions of the country. Coopeuch promotes practical financial knowledge and provides credit at competitive rates for its members, delivering benefits, advisory services and financial education.

Challenge

Coopeuch — as one of the most important financial institutions in Chile and Latin America, with more than 80 offices around the country — employs a large team of professionals, with almost 2,000 staff members nationwide. Such a high number of workers leads to a very intense flow of internal documents, among the most important of which are salary records, which differ widely in their structure.

Previously, these documents had never been analysed massively at a corporate level, as this would have required a great amount of time and workforce resources. Therefore, these documents — over 100,000 in number — became the starting point for the company-wide workflow digitalization. The files were in non-searchable image PDF format without fast access to data, so the company faced a challenge in creating a structured and accessible database that would coherently organize all the information contained within the salary documentation in order to provide access to necessary data when required.

Solution

Searching for a suitable solution, Coopeuch turned to ABBYY’s authorized Partner in Chile — Comercial SF, distributor of multifunctional equipment and software. Having noted the quality, good reputation and live demonstrations of ABBYY technologies, the company chose ABBYY FlexiCapture as the solution for the project. The software has since proved to be capable of addressing all the challenges that the cooperative has had to face.

With the help of ABBYY FlexiCapture, Coopeuch has been able to complete the project with maximum results using minimal time and labor input. Manual document processing, which as a rule implies a waste of time and resources, has been replaced by automated processing that has considerably streamlined the workflow.

After all the documents of different categories were scanned, the intelligent OCR solution sorted them by type to select salary settlements among the multitude of forms. Then FlexiCapture grouped them by 20 existing model types. After being sorted and arranged in the correct order, the necessary documents entered the processing stage where critical data such as tax ID, time periods, sums and other items were automatically extracted. In the last stage, the information extracted by FlexiCapture was exported, forming a reliable database with quick access.

“ABBYY FlexiCapture will be an indispensable element in many processes, especially digital ones, since it allows to retrieve a large amount of information stored in non-workable formats. It also helps to streamline complex processes that require a lot of skills. <...> I would also like to highlight ABBYY’s efforts to deliver the best possible results for every client.”
Sebastián Valencia Roca, Gestor de Innovación en Coopeuch

Results

Thanks to the successful implementation of ABBYY FlexiCapture into the workflow of Coopeuch, the cooperative has been able to carry out the project in record time — the whole process took just 4 months. The use of the ABBYY software has made it possible to store previously unavailable information in an accessible format. Now all the valuable data from more than 100,000 salary payments are compiled in a database, making these data usable and improving internal processes.

It has been possible to implement the project 8 times faster than if it would have been done by hand: comparative trials showed that the software requires just 6 hours to process 500 salary records, whereas an employee needs 50 hours.

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