Hyperscience - Best FinTech Solution

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Company: Hyperscience, New York, NY USA
Company Description: Hyperscience modernizes mission-critical processes and operations for Global 2000 organizations and governments. Since 2014, Hyperscience's automation technology has helped data-centric companies parse through vast amounts of unstructured inputs and raw information to get to swifter and smarter business outcomes.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: FinTech Solution


Nomination Title: Hyperscience's "Business Technology Solution: FinTech Solution"  

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Hyperscience’s most recent product release was from April 22, 2021 – an updated version of the Hyperscience Platform, rooted in a new class of proprietary Artificial Intelligence and Machine Learning automation software for the enterprise.

Hyperscience modernizes mission-critical business processes, elevating some of the world’s largest organizations across banking, financial services, and insurance. The Hyperscience Platform, its proprietary AI and ML automation software, seamlessly parses through diverse document types—delivering actionable data that ultimately reduces manual work, improves the customer experience and fuels business growth.

While several legacy technologies and traditional Robotic Process Automation (RPA) players attempt to automate manual, back-office tasks like data entry, they cannot reliably classify, read, and extract data from the complex layouts and diverse inputs that make up today’s financial services operations. When faced with messy handwriting or low image quality, for example, legacy technology (like OCR) often fails, requiring manual review and corrections that prevent organizations from achieving peak efficiency. Applying a fundamentally different approach, Hyperscience is disrupting what financial services have come to expect with RPA through their new class of automation software—delivering better accuracy, configurability and connectivity.

 

In the financial services industry, specifically, it’s helping drive change through increased efficiency and accuracy—improving the customer experience and, in turn, fueling business growth. Several vital benefits to the financial services industry include:

  • Best-in-Class Extraction: Hyperscience’s proprietary ML technology garners high-accuracy extraction, bolstered through API and industry database connections, driving higher automation, lower error rates, and greater efficiencies.
  • Shorter Time-to-Value: Modularization and ease of integration are critical to achieving ROI and unlocking cost and efficiency gains from automation technology. This helps process loan documents and time-sensitive items like forbearance requests more quickly.
  • Data-Rich Insights for All Documents: Valuable information across financial services are often left on the table, disrupting the customer experience—not anymore. Hyperscience helps convert complex document types into usable input and insights, streamlining data-centric processes ranging from mortgage and loan origination to anti-money laundering verification, customer due diligence and more, ensuring greater customer experiences.

Manual data entry work is slow, expensive and error-prone. By infusing automation technology into the financial services sector, organizations and their employees can streamline back-end internal processes to spend more time focused on customer success. Hyperscience enables financial organizations worldwide to fuel business growth and stay competitive against established players and new digital entrants.

Hyperscience continually exceeds growth expectations, experiencing a milestone growth year, including 3x ARR year-over-year and 10x platform usage increase. This growth was fueled by an $80M Series D financing round in October 2020 led by Tiger Global, with participation from new investor BOND, bringing the company's total funding to $190 million. Bessemer Venture Partners and all existing major investors also participated.

Today, Hyperscience helps financial services increase processing speed by up to 10x, improve accuracy by 67%, and free up resources to deliver frictionless customer experiences.

TD Ameritrade implemented Hyperscience in 2017 following the Scottrade acquisition to reconcile archival co-applicant forms and achieve compliance. They anticipated needing to hire 60 keyers to complete the exercise—with Hyperscience, they experienced 4x throughput in four weeks and completed the project in ⅓ the time. Today, the company leverages Hyperscience to streamline activities and improve CX by translating and digitizing labor-intensive and error-prone processes.

“The high pull-through rate, the quality that we were getting on specifically handwritten documents, really is what led us down the path of exploring Hyperscience,” said one TD Ameritrade managing director. “The ability to get 90 plus percent transcription rate was impressive. We certainly weren’t getting those results from other folks that we were contacting, which were quoting us closer to the 50-60% range.”

By automating manual tasks, TD Ameritrade also elevated its workforce to focus on more process engineering-oriented work.

We are attaching the full TD Ameritrade case study to provide additional context and proof of the full impact Hyperscience has had on their business. https://hyperscience.com/customers/tdameritrade-further-client-experience/

At the heart of each of the customer testimonials and success stories is the fact that Hyperscience’s automation software is fundamentally different than Robotic Process Automation (RPA), which many Financial Service institutions heavily invest in resulting in significant challenges and frustrations. What many fail to realize is that RPA lacks the intelligence to effectively and efficiently handle unstructured and varied document formats, crippling scaling abilities and underperforming expectations. This is how the Hyperscience Platform is pioneering a new path and differentiating from others, offering better accuracy, configurability and connectivity.