İşbank Reduces Manual Burden of Processing Money Orders With Instabase

İşbank Reduces Manual Burden of Processing Money Orders With Instabase

We’re proud to announce our new partnership with İşbank, Turkey’s largest privately owned bank, which was facilitated by Maxitech. This partnership is transforming the way İşbank processes money orders and is set to help them achieve more efficient processes, better scalability, and an enhanced customer experience as the partnership continues. 

The bank receives nearly 30,000 pages of customer money orders every day, and most of the documents require manual classification and data entry due to the unstructured data in them. This results in high operational costs and delays in processing times that impact customer satisfaction. 

İşbank has leveraged Instabase’s generative AI solution for its Commonfax use case to automatically classify, extract, and validate the data in these documents. They’ve seen remarkable efficiency gains so far:

• Document classification rate increased from 41.4% to 85%.
• Data extraction rate increased from 22.5% to 75%.

Commonfax is just the first use case that’s meant to reduce the operational burden on employees. There are more use cases that İşbank and Instabase are developing that will further reduce the operational burden on employees.

"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," said Meltem Vural, Head of Enterprise Architecture at İşbank.

Burak Arik, CEO of Maxitech, expressed his enthusiasm. Maxitech, a Silicon Valley-based subsidiary of Isbank, identified Instabase and enabled this partnership. "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."

Darragh Byrne, Partnerships Lead at Instabase, also highlighted the significance of this collaboration. "We are thrilled to partner with İşbank and contribute to their digital transformation journey. By utilizing the Instabase powered Commonfax solution, İşbank can streamline their money order processing, enhance accuracy, and provide faster services to their customers."

İşbank’s commitment to innovation and customer satisfaction led them to transforming their money order process with cutting-edge AI technology. This partnership with Instabase, facilitated by Maxitech, is a significant milestone in the bank’s strategic goals and automation journey.