İşbank Partners with Instabase to Revolutionize Money Order Processing
ISTANBUL–(BUSINESS WIRE)–#Automation—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.”
Watch here a video about the new partnership
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.
About İşbank
İşbank, established in 1924, is Türkiye’s largest privately owned bank by total assets. With a commitment to innovation and customer-centric services, İşbank offers a comprehensive range of financial products and services, including retail, corporate, and investment banking. The bank operates through an extensive network of branches and ATMs across Türkiye, as well as a significant international presence, serving customers worldwide.
For more information, visit https://www.isbank.com.tr/en/about-us
About Instabase
Instabase provides a unified platform with artificial intelligence (AI) and workflow automation capabilities that allow organizations to solve their most pressing business challenges at scale. Instabase combines AI breakthroughs with deep industry expertise, and helps institutions embed intelligence into any system or business process to drive transformational outcomes. Today, many of the world’s largest financial institutions, insurance companies, governments, and enterprises rely on Instabase to automate their mission-critical business processes end-to-end. The business is backed by leading investors, such as Greylock Partners, NEA, Andreessen Horowitz, Index Ventures, Spark Capital, Tribe Capital, K5, Original Capital, SC Ventures, and Glynn Capital.
For more information, visit https://www.instabase.com.
About Maxitech
Maxitech is a pioneering venture capital firm investing in leading-edge AI startups developing enterprise software solutions. Backed by İşbank and Softtech, Maxitech provides our portfolio companies with unparalleled access to a vast network of enterprise partners and strategic growth channels. Our mission is to bridge the gap between advanced AI technologies and global business needs, driving digital transformation and innovation across industries.
For more information, visit https://www.maxitech.com.
Contacts
Media
İşbank
Gül Mutlay
Media Relations Director
[email protected]
Instabase
Bastiaan de Goei
Marketing Director
[email protected]
Maxitech
Hillary Lyons
Head of Marketing
[email protected]
