İşbank Partners with Instabase to Revolutionize Money Order Processing

İşbank, Turkey’s largest privately owned bank, with a comprehensive array of banking services and products announces a partnership with Instabase, the leading AI platform for unlocking insights from unstructured data. The partnership, which was facilitated by Maxitech, aims to transform the way İşbank processes money orders in the first phase, a task traditionally bogged down by the complexities of unstructured data.

Every day, İşbank receives approximately 30,000 pages of customer money orders, with a significant portion requiring manual classification and data entry. This not only leads to high operational costs but also affects customer satisfaction due to delays in processing times. The partnership with Instabase introduces an innovative solution for the Commonfax use case, which leverages artificial intelligence to automatically classify, extract, and validate data from these documents, thereby streamlining the entire process. As a result of implementing this cutting-edge technology, İşbank has achieved remarkable improvements in efficiency, increasing the successful classification ratio from 41.4% to 85% and the successful extraction ratio from 22.5% to 75%. The impact of these enhancements has been transformative, revolutionizing processes and setting a new standard for efficiency.

The Commonfax use case has been built together by Instabase in partnership with İşbank and will significantly reduce manual effort as well as improve classification and extraction accuracy. It represents a first use case to reduce the operational burden on employees with many more on the way. All of this translates to more efficient processes, better scalability, and an enhanced customer experience.

“At İşbank, we are constantly seeking innovative solutions to improve our operational efficiency and customer satisfaction. Partnering with Instabase and leveraging their advanced AI technology, facilitated by our subsidiary Maxitech, enables us to revolutionize money order processing, reducing costs and improving service delivery. We’re thrilled to be the first in Türkiye to deploy such a cutting-edge AI solution, which has yielded evident and measurable benefits to our business,” said Meltem Vural, head of Enterprise Architecture .

Burak Arik, CEO of Maxitech, expressed his enthusiasm. Maxitech, a Silicon Valley-based subsidiary of İşbank, identified Instabase and enabled this partnership: “At Maxitech, we are committed to solving today’s enterprise challenges with tomorrow’s technologies. This partnership embodies our mission to bridge the gap between truly disruptive startups and industry-leading enterprises. Utilizing our extensive network and deep market insights, we are positioned to bring Instabase’s transformative potential to a broader range of enterprises.”

Darragh Byrne, Partnerships Lead at Instabase, also highlighted the significance of this collaboration: “We are thrilled to partner with İşbank and contribute to their digital transformation journey. By utilizing the Instabase powered Commonfax solution, İşbank can streamline their money order processing, enhance accuracy, and provide faster services to their customers.”

İşbank’s commitment to innovation and customer satisfaction is at the forefront of this initiative, and the partnership with Instabase, facilitated by Maxitech, marks a significant milestone in the bank’s strategic goals.