Evalueserve Releases New Enhancements to Spreadsmart, A Digital Platform That Extracts Data from Financial Statements for Commercial Banks' Underwriting Process

RALEIGH, N.C., Feb. 16, 2021 /PRNewswire-PRWeb/ -- Evalueserve, a leading global analytics partner to Fortune 1000 firms, today announced that they will be releasing new enhancements to Spreadsmart, an automation platform powered by mind+machine™. Spreadsmart empowers banks with the speed and accuracy needed to extract financial data for their underwriting process and credit analysis of borrowers. The new features will help banks perform data extraction with increased efficiency and accuracy.

New enhancements to the platform include:

• Global financial taxonomy that can be aligned by sector, region and language, along with self-learning algorithms making the data extraction process more efficient and accurate.
• Further enhancements to data extraction logic to exclude suffix, prefix, superscripts, numbers, dates, punctuations, and other "noise" words in financial statements.
• New algorithms further optimizing the efficiency and accuracy of data extracted from company filings in Asian languages (Primarily Chinese and Japanese).
• A machine learning engine powered by AIRA (Evalueserve's proprietary AI engine for research and analytics) with a built-in feedback loop mechanism to identify tables in financial statements.
• Arabic language capability for Middle East focused banks.
• Additional enhancements include reading watermark documents, recognizing/correcting additional number formats, handling complex multi-structured tables, mastering template module to automate first time setting up of the company, and many more.

Nitin Garg, Evalueserve's Head of Corporate and Investment Banking (CIB) division, says, "The new updates will provide our clients with smarter financial spreading capabilities and will make the data extraction process faster and more accurate."

Rigvinath Chevala, Evalueserve's CTO, says, "Leveraging business specific AI is a core focus of our product strategy and we will continue to build new ML based features in Spreadsmart as part of our product roadmap and ARIA initiative."

About Evalueserve
Evalueserve is a leading analytics partner that helps clients increase the effectiveness and efficiency of their core processes by applying a unique mind+machine™ methodology. For over 25% of the Fortune 1000, mind+machine™ weaves human expertise with digital products and platforms to build analytics capabilities that enable successful business outcomes. For more information, visit http://www.evalueserve.com.

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