Loughborough University has worked with Xceptor to develop an AI-based software solution for analysing digital documents that will simplify and speed up complex tasks within the banking, financial and insurance industries.
The 18-month Knowledge Transfer Partnership (KTP) has successfully delivered an innovative deep learning model based on natural language processing (NLP). The software analyses the content and structure of a range of digital documents, including invoices and tax forms, sorting the information into categories for ease of use.
This improved system will be applied to a variety of financial practices for Xceptor customers worldwide, streamlining processes for opening bank accounts, approving mortgages, responding to customer queries, and managing insurance claims.
In addition to the new software product line, the KTP has also enhanced the organisation’s project management, people management and technical leadership skills – supporting further R&D pipelines and innovation.
Chris Smith, AI Technical Lead at Xceptor, says of the partnership,
“As well as the technical achievements of the KTP – which have created significant new commercial opportunities for Xceptor – working with the academic team has allowed us to build the skills we need to develop robust and innovative AI capabilities independently. We’ve also found a fantastic partnership with the University which we hope to continue long after the KTP.”
Discussions are already underway to uncover further areas for collaborative research. Several topics with wide application impacts have been identified – including rapid automated data extraction to accelerate checks of fraudulent activity.
The KTP has delivered several other benefits for the University – spanning new learning materials for both undergraduate and postgraduate programmes, extensive industry experience for the academic team, a paper for submission to a high-impact research journal, and a valuable recruitment pipeline for graduates.
Dr Matt Hogan, Knowledge Transfer Adviser at the Knowledge Transfer Network, notes,
“This has been a highly successful KTP. The team have delivered commercially relevant outputs that enhance Xceptor’s offering whilst advancing the academic research agenda.”
Read the full project case study.
Knowledge Transfer Partnerships (KTPs) aim to help businesses improve their competitiveness and productivity through the better use of knowledge, technology and skills within the UK knowledge base. This KTP project was funded by UKRI through Innovate UK.