IBM And NVIDIA Launch Universal Doc Format To Help AI With The Docs That Power Banking
With financial organizations running on documents: loan files, annual reports, contracts, KYC documentation and regulatory filings – AI projects are stalling because those documents are scattered across PDFs, scans, emails, and legacy systems. Leading AI vendors are joining forces to tackle the problem with the launch of Doclang.
Big names like IBM, NVIDIA, Red Hat, ABBYY and the Linux Foundation are launching an open source AI-native universal document format for paperwork that bank leaders will be familiar with such as application forms, income statements, bank statements, property valuations, credit reports and other supporting correspondence.
Similar to how HTML standardized web content, the new AI native document standard DocLang, will be a format designed specifically for AI systems and agentic workflows, with embedded governance controls.
“DocLang is designed to solve one of the biggest challenges in banking: documents were built for humans, not machines. It’s a huge deal because financial services organizations spend enormous amounts on document intake, extraction, classification, and review across things like loan underwriting, mortgage applications, credit assessments and cash flow reports, ” said Max Vermier, VP of AI Strategy at ABBYY.
“Organisations will see a significant difference with faster onboarding, more efficient mortgage processing, reduced hallucinations, lower computational costs, and improved compliance reviews” he added, with initial benchmarks showing 4x to more than 30x lower costs, depending on the model evaluated.
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