Over the past few years, technology has rapidly transformed the way we live. It has substantially impacted our daily lives, from ordering food from our favorite restaurants to AI-assisted passenger cars. Astoundingly, technology's inﬂuence has engulfed almost all the segments, including the vital ﬁnancial segment. Earlier, most of the invoice processing in banks was done manually, with minimal inﬂuence of technology. However, due to changing business landscapes and the evolution of Artiﬁcial intelligence, digital transformation occurs faster in banks than we expected. Both AI & ML revamped the whole infra, offering advanced automated ﬁntech solutions.
AI has inﬂuenced the banking process through many facets, including invoice processing, one of the most overburdened and exhaustive tasks. Most of the accounting software is loaded with features that can automate the majority of the accounting work. One of the main reasons banks are leaning towards technology is the job's nature, which is time-consuming and exhaustive. Moreover, this work line is prone to many human errors and needs experienced, highly skilled workforce that not every organization can afford.