Serimag — AI Document Automation for Banking

Barcelona-based intelligent document processing (IDP) vendor serving Spain's largest banks, with a decade-long track record and an active expansion into insurance.

Overview

Serimag has built its reputation as Spain's dominant IDP provider through large-scale deployments at CaixaBank, Santander, and BBVA, processing over 1 billion documents across 70+ banking processes in partnership with ABBYY. The company operates from Barcelona with 30+ AI specialists and processes more than 1 million pages per day.

The company's TAAD platform, built on ABBYY's OCR and document understanding technology, handles loan applications, claims forms, and financial statements across structured, semi-structured, and unstructured formats. In 2020, Serimag processed more than 400 million pages across its banking client base, achieving a 50% cost reduction and 80% improvement in service level agreements for those clients.

In early 2026, Hugo Cortada, Director of Business Development at Serimag, announced a strategic shift from pure automation services toward full implementation consultancy: "Evolucionamos de ser una empresa especializada en servicios de automatización basados en IA a una compañía que acompaña a nuestros clientes en la transformación de sus operaciones." The move targets Spain's insurance sector, where Serimag projects 20% growth in 2025, and addresses a market where only 35% of companies are prepared for AI implementation.

Cortada positions Serimag against traditional technology consultancies by emphasizing domain depth: "A diferencia de otras consultoras tecnológicas, nuestro valor está en nuestra experiencia y especialización en proyectos de consultoría y de implementación de mejora de procesos a través de soluciones de IA."

How Serimag handles document processing

Serimag's TAAD platform combines AI classification, intelligent OCR, and natural language processing to move documents from intake to structured output without manual routing. When a document arrives, whether scanned paper, email attachment, or digital upload, TAAD classifies it by type, extracts relevant data fields, and flags incomplete or incorrect submissions for automatic correction requests to the originating party. This continuous learning loop reduces manual operator dependency over time rather than requiring periodic retraining cycles.

The platform's architecture supports cloud, on-premises, and hybrid deployment, which matters for Spanish banking clients operating under strict data residency requirements. Pricing follows a pay-per-use model, removing large upfront licensing costs that typically slow procurement in regulated industries.

The 10+ year ABBYY partnership is structural, not transactional. ABBYY's OCR and document understanding capabilities are embedded in TAAD across all 70+ banking processes Serimag has automated. This depth of integration delivers proven accuracy at scale but also means Serimag's ability to adopt competing vision-language models (VLMs) or LLM-based extraction approaches depends on how ABBYY evolves its own platform.

Use cases

Spanish banking loan automation

Serimag's highest-profile deployment processed 5 million ICO loan documents (20 million pages) for Spanish banks during the COVID-19 pandemic, handling peak volumes exceeding 100,000 documents per day. The system achieved 75% straight-through processing with 99%+ accuracy and went live in under six weeks during national lockdown. Documents arrived across multiple channels including scanned paper, email, and digital portals. TAAD classified each submission, extracted loan application fields, and routed exceptions for human review. The deployment covered CaixaBank, Santander, and BBVA simultaneously, demonstrating multi-institution operational capability under crisis conditions.

Beyond the ICO program, Serimag has automated more than 70 distinct banking processes for its core clients, covering account opening, KYC document verification, and back-office correspondence. The company reports back-office cost savings exceeding €3M annually for banking clients through reduced manual handling and faster application turnaround.

Insurance claims processing

The ARAG insurance deployment illustrates Serimag's insurance expansion. TAAD automates intake of claims forms, accident reports, and medical records, classifying each document type and extracting structured data for downstream claims management systems. When documents are incomplete, the system automatically triggers correction requests to clients rather than routing to manual queues.

Guillermo Herrera, CIO of ARAG, described the outcome in November 2021: "The implementation of this technology has meant a boost in the speed of response we have with our client." Herrera also noted what differentiates Serimag from technology-only vendors: "Serimag's value lies not only in its constantly evolving AI and technical know-how, but also in its experience in terms of the business, flows and document processing that we require."

Serimag reports reducing claims processing timeframes from three days to five minutes for insurance clients, though this figure is self-reported and carries no independent verification.

Multi-sector document management

Beyond financial services, Serimag has deployed over 100 automated processes across BPO, real estate, and public sector clients. These deployments use the same TAAD classification and extraction pipeline, adapted for document types specific to each vertical. The platform centralizes document intake across departments and integrates extracted metadata into enterprise systems including ERP and CRM platforms.

Technical specifications

Competitive position

Serimag competes in the Spanish IDP market as a vertical specialist rather than a horizontal platform vendor. Its 15-year banking focus and billion-document track record give it credibility that generalist platforms cannot replicate quickly. The ARAG deployment demonstrates that the same domain-depth approach transfers to insurance, where document characteristics (variable formats, high accuracy requirements, regulatory compliance) closely mirror banking loan processing.

The structural dependency on ABBYY technology is the most significant strategic question for evaluators. Serimag's TAAD platform is built on ABBYY's OCR and document understanding stack across all major deployments. As the IDP market shifts toward LLM-based extraction and vision-language models, Serimag's roadmap is tied to ABBYY's own AI evolution. Vendors like Hyperscience and others building on foundation models natively may offer more flexibility for document types outside Serimag's established banking templates.

For Spanish financial institutions and insurers prioritizing domain expertise, regulatory familiarity, and implementation accountability over technology breadth, Serimag's positioning is coherent. For organizations seeking multi-region deployment or LLM-native extraction, the dependency on a single technology partner warrants scrutiny.

Resources

• Company website
• Services information
• Blog
• ABBYY case study: ICO loan processing
• ARAG insurance deployment

Company information

• Website: serimag.com or serimagmedia.com
• Headquarters: Barcelona, Spain
• Address: 5 C/ Frederic Mompou, Sant Just Desvern, Spain
• Phone: +34 934770007