Banking order classification and information extraction

Abstract

This study presents a system to classify banking orders from customers and to determine the transaction parameters of these orders using machine learning techniques. The presented system uses optical character recognition and shape detection technologies to extract texts and tables from images i.e., scanned email attachments and fax images. Then, in the classification phase, texts are vectorized with the TF-IDF approach after preprocessing and are classified using support vector machines. The orders classified as money transfer are sent to the information extraction module and the parameters of the transaction (sender information, recipient information, amount and description) are determined using named entity recognition methods. Finally, this information is sent directly to an operator's screen for her to check and confirm the parameters and execute the money transfer operation. This system is implemented in a medium-large scale bank in Turkey. This system, which yields high classification and information extraction performance, is expected to save a significant amount of workload for the bank, speed up the order execution process and increase customer satisfaction. The system is currently deployed and being validated online.