Evolution AI is a generative AI-based intelligent data extraction tool specifically designed for extracting data from financial documents. It can process financial statements, invoices, bank statements, and other complex documents with accuracy comparable to humans. The tool captures high-quality data from complex documents without the need to define rules or write code.
Key capabilities include:
- Automatically extracting data from financial documents in formats such as PDF.
- Configuring the data points to be extracted using a simple point-and-click interface.
- Self-learning capability: users can correct errors, and the system learns to avoid repeating mistakes, thereby improving accuracy over time.
- Providing a quality assurance (QA) workflow, annotation interface, and monitoring dashboard, allowing users to decide how much human oversight each document requires.
- Providing an API interface for easy integration.
How to use: Users can sign up and upload financial documents for a trial, or experience it with their own documents through a live demo. When configuring documents, identify the data points to be extracted through the point-and-click interface, and the system will automatically extract them. Users can correct errors to train the system.
Use cases:
- Financial institutions processing large volumes of financial statements, invoices, bank statements, and other documents.
- Scenarios that require high-accuracy data extraction and hope to reduce manual entry.
- Scenarios that require a scalable, reasonably priced global data extraction solution.
Limitations:
- The specific supported document formats and languages are not yet provided.
- Pricing information is not yet provided.
- The system deployment method (cloud or on-premises) is not yet provided.
The tool has won multiple industry awards, including the 2021 Wealth & Finance FinTech Award for Leading Innovator in Data Extraction in Europe, as well as the Credit Strategy Best Technology Partner, among others. Customers include NatWest, Dun & Bradstreet, Deutsche Bank, and others. Case studies show that Swiss asset management company Unigestion saved 75% of the cost of extracting data from quarterly reports, and NatWest reduced extraction time from 24 hours to a few seconds.
