April 28, 2021 — NEW YORK — WorkFusion, a top provider of industry-specialized Intelligent Automation software, today announced it was named a Leader in Everest Group’s “2021 Intelligent Document Processing (IDP) Products PEAK Matrix®” report for the third year in a row.
“WorkFusion has been positioned as a Leader on Everest Group’s PEAK Matrix® for IDP software products in 2021. Its Intelligent Automation Cloud platform offers pre-trained, out-of-the-box solutions for a large set of document-extraction use cases. Its strong vertical focus in the Banking and Insurance sectors, integrated RPA and BPM capabilities, customizable analytics and reporting capabilities, and robust NLP capabilities are differentiators that have contributed to its success,” said Anil Vijayan, Vice President, Everest Group.
The research firm’s analysts studied the products of and interviewed customers of over two dozen vendors before identifying the market leaders. WorkFusion was recognized for attributes designed to enable digital transformation and accelerate the transition of enterprises to more meaningful work.
Everest Group assessed the vendors in terms of “Market Impact” and “Vision and Capability,” positioning WorkFusion at the high end of each axis. Specifically, WorkFusion holds the highest position for “Market Impact” and, further, the assessment states, “Clients appreciate WorkFusion’s broader automation platform capabilities, customer-centric approach to product development, and online training.”
In response to these elements, WorkFusion CEO Alex Lyashok says, “Intelligent Automation of document-heavy processes is at the heart of what we do. We especially appreciate this recognition of the value our customers derive from our industry-specific approach — which starts strong with out-of-the-box automation solutions, and then only improves over time through cloud federated learning.”
Most banking, financial services and insurance institutions encounter a gap between wanting to deliver frictionless digital experiences to their customers and their ability to do so. This is because labor-intensive, document-heavy touchpoints are conventionally handled manually via legacy applications, like accepting, reviewing, and processing documents, and these processes become time-consuming and error-prone.
In addition, non-traditional and digital native competitors, regulatory pressure and razor-thin margins are increasing the urgency for financial institutions to transform how they handle these manual processes and enormous volumes of documents. Forward-thinking companies are adopting Intelligent Automation to tackle the many complex and document-heavy processes that span their customer lifecycle management (CLM) journeys, especially in areas such as anti–money laundering (AML), Know Your Customer (KYC) and digital communications.
WorkFusion’s Intelligent Automation platform is uniquely designed to automate these processes within one platform, with material outcomes in a short amount of time. This is made possible with its solutions that comprise expertly designed machine learning models, workflows and analytics created expressly for Banking, Financial Services and Insurance industries.
Importantly, the span and quality of automations improve over time with WorkFusion’s proprietary cloud learning technology, which allows bots to continuously learn from customers’ everyday use, and for all customers to benefit from this network effect.
A custom licensed copy of the IDP Products PEAK Matrix® 2021 along with WorkFusion’s evaluation excerpt can be downloaded here.