İşbank, Turkey’s largest privately-owned bank, has announced a partnership with Instabase, an AI platform specializing in extracting insights from unstructured data. Facilitated by İşbank’s subsidiary, Maxitech, this collaboration aims to revolutionize the bank’s money order processing system, a task historically hindered by unstructured data complexities.
İşbank processes around 30,000 pages of customer money orders daily, many of which require manual classification and data entry, leading to high operational costs and delayed processing times. By leveraging Instabase’s AI technology, the partnership introduces an automated solution for the Commonfax use case, which classifies, extracts, and validates data from money orders. This automation has dramatically improved İşbank’s efficiency, increasing classification success from 41.4% to 85% and data extraction accuracy from 22.5% to 75%. These enhancements have significantly streamlined operations and set new standards for efficiency.
The Commonfax solution, developed in collaboration with İşbank, will reduce manual efforts and improve accuracy. It’s the first step in a broader initiative to reduce operational burdens and increase scalability, while enhancing customer experience.
“We are always exploring innovative solutions to boost operational efficiency and customer satisfaction,” said Meltem Vural, Head of Enterprise Architecture at İşbank. “This partnership with Instabase, facilitated by Maxitech, allows us to transform money order processing, lower costs, and improve service delivery.”
Maxitech CEO Burak Arik emphasized the significance of the partnership, stating, “Our mission at Maxitech is to connect disruptive startups with leading enterprises, and this collaboration demonstrates the power of bringing advanced technologies to market.”
Darragh Byrne, Partnerships Lead at Instabase, expressed excitement about the collaboration, saying, “We’re proud to support İşbank’s digital transformation. The Instabase-powered Commonfax solution enhances accuracy and speeds up money order processing, improving customer service.”
