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In this post, we explore how Amazon Bedrock Data Automation can accurately extract information from four common types of financial documents: bank statements, W-2 forms, 1099-B tax forms, and vendor contracts. We highlight the complexity in the documents, detail the custom extraction created in Amazon Bedrock Data Automation, and describe the outcomes of the extraction process.
Financial institutions process thousands of documents daily, including tax forms, loan statements, and purchase orders. Each has a unique format, structure, and field names, making it challenging to create automation workflows using optical character recognition (OCR) software. Amazon Bedrock Data Automation (BDA) helps solve these challenges by automating the extraction, validation, and analysis of data from financial documents. BDA goes beyond simple OCR by using foundation models that can:
