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    Banks & Credit Unions

    KnowledgeLake Earns the FinTech Spotlight

    If you’ve been paying attention, you may have noticed that KnowledgeLake has been steadily expanding our presence in the financial services industry. That is why I am thrilled that KnowledgeLake is featured in Aite-Novarica Group’s Commercial Banking FinTech Spotlight for Q3 2022.

    Aite-Novarica is an authority in the financial services industry, and their Commercial Banking FinTech Spotlight only features key FinTech solutions that have brought significant innovations to the market. That includes areas like payments, cybersecurity and, in our case, document processing.

    Banks and credit unions deal with documents, of course, lots of them, all the time, whether it’s making a loan or taking a deposit. It’s fair to say that almost no financial transaction can happen without them.

    With the pressure of customer expectations and competition from FinTechs intensifying, traditional banks and credit unions need to modernize their processes and ways of doing business. Or they risk being stuck in FinTech’s shadow. Now that customers have had a taste of the modern experience they can get with digital-first institutions, they will no longer settle for the long, drawn-out account opening and loan application processes of old.

    Today, smart automation can solve banks’ document processing challenges, from automatically capturing documents to extracting the data they contain to using tools like RPA to clear approval bottlenecks.

    This is what KnowledgeLake makes possible. Our cloud-native, intelligent document processing solution is ideal for modernizing document-intensive processes that are at the core of financial operations.

    Erika Baumann of Aite-Novarica Group had this to say about our inclusion in the FinTech Spotlight:

    “Digital transformation in commercial banking has many dimensions and is evolving at an unprecedented pace,” said Baumann, Director of Commercial Banking & Payments for Aite-Novarica Group. “We publish the FinTech Spotlight to help financial institutions assess and understand how the landscape is evolving in areas such as AI, machine learning, automation, and cloud technologies and to help identify potential partnerships. The KnowledgeLake platform applies technologies important, and often overlooked, to intelligent document and information processing, a core operational function for any commercial bank.”

    To be featured in the Spotlight is a huge recognition of the unique value KnowledgeLake brings to banks and credit unions. Here’s to empowering traditional banks with the solutions they need to compete in a FinTech-dominated landscape.

    The Aite-Novarica Commercial Banking FinTech Spotlight is available for download on our website.

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