Parascript, which provides document analysis software processing over 100 billion documents each year, has been selected and implemented as part of iQ Credit Union’s ongoing commitment to deliver rapid, accurate service while ensuring the financial safety of its customers. iQ has been providing personalized financial solutions for people in the Pacific Northwest since 1940. The credit union is a member-owned financial institution—based in the Pacific Northwest with over 83,000 members—always looking to further modernize to best meet customer needs.
“Our decision to go with Parascript has been great. Parascript is easy to work with and very responsive to any question we have, but it is really the results that matter,” said Dan Querciagrossa, Senior Software Developer at iQ Credit Union. “We have seen a tremendous increase in accuracy combined with a significant reduction in our tellers having to make corrections. This frees them up to focus on our members, which improves customer service.”
Today with Parascript CheckXpert.AI, a combination of data validity checks along with confidence scores from the recognition engine are used to determine if staff needs to either verify or correct the amount or MICR data.
“The new Parascript system uses artificial intelligence technology to achieve much greater accuracy, resulting in significantly less need for human intervention,” said Mr. Querciagrossa.
For example, in the space of one month, checks requiring teller verification of amount was reduced by over 29% using Parascript software over the iQ Credit Union’s previous automation solution.
“We are always looking to improve efficiency, accuracy, customer experience and security in our back-office processes,” Mr. Querciagrossa explained, “because these translate into better member services.”
CheckXpert.AI® represents the latest deep learning advancements applied to payment processing. Due to its superior check recognition, CheckXpert.AI reads check amounts and MICR with better than human accuracy and speed, which enables financial institutions to provide real-time approval of deposits regardless of channel. By leveraging Parascript’s proprietary deep learning algorithms, CheckXpert.AI processes checks in a significantly smarter, more human-like way.
“We are thrilled to be working with iQ Credit Union, a technology focused client-partner,” said Ati Azemoun, Vice President of Business Development at Parascript. “iQ Credit Union is dedicated to advancing and improving its processes to better serve its customers. Through a rapid review of technology, iQ quickly assessed Parascript software and showed excellent output in the tests. We quickly moved forward in partnership with iQ Credit Union to incorporate CheckXpert.AI. I am impressed with the disciplined approach of iQ to introduce efficiencies to its departments, and we look forward to assisting them in other document-centric projects.”
About iQ Credit Union
iQ Credit Union has provided members with intelligent financial services that deliver unbeatable value since 1940. The Credit Union helps consumers and business members make smarter banking decisions to maximize their finances and enjoy life’s journey. The credit union is a member of the CO-OP Network giving members access to over 30,000 ATMs nationwide for free. It is insured by NCUA and Equal Housing Opportunity. Visit iQ Credit Union.
About Parascript, LLC
Parascript software, driven by data science and powered by machine learning, configures and optimizes itself to automate simple and complex document-oriented tasks such as document classification, document separation and data entry for payments, lending and AP/AR processes. Every year, over 100 billion documents involved in banking, government, and insurance are processed by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Visit Parascript.