To approve loans for thousands of applicants, the bank requires bank statement information dating back at least three months
The client wanted to automate bank statement processing to speed up the verification of proof of employment and income and to ascertain the creditworthiness of each applicant before approving their loans. Manual data extraction from bank statements was tedious, especially when reconciling specific line items. Additionally, the bank statements were also received in unstructured and assorted formats depending on the source of the institution.
Reduced Processing Time
Legacy OCR technology struggled to handle the unstructured data found in bank statements, particularly when processing statements dating back more than three months. With Dolphin.ai- an AI-based document processing system, the client was able to easily process the bank statements using template-less automation, quickly extracting, organizing, and processing the information.
Bank Statement Verification Made Faster and Easier
Dolphin.ai’s new AI algorithms were incorporated into the system, allowing for the extraction and cross-checking of required data from multiple formats. The intelligent document processing platform was able to read new digital formats quickly and accurately, saving time and simplifying the bank statement verification process.
- The Bank statement verification process is 5 times faster for applicants.
- Digital files are stored in a paperless archive.
- Credit rating can now be done almost instantly.
- Data cross-checking has been automated.