Challenge

Approval of over thousands of loan applicants requires bank statement information dating back to at least three months.

The client wanted to automate bank statement processing to speed up the verification of Proof of Employment, and income and ascertain the creditworthiness of each applicant before approving their loans. Manual data extraction from bank statements was so tedious, especially when reconciling specific line items. These bank statements were also received in unstructured and assorted formats depending on the source of the institution.

Solution

Reduced Processing Time

Legacy OCR could not deal with the unstructured data of bank statements. With Dolphin.ai -an AI based document processing system, bank statements dated back more than three months were processed easily through template-less automation by quickly extracting, organizing, and processing statements.

Saved Time & Simplified Bank Statement Verification Process

Dolphin.ai was incorporated with new AI algorithms to extract and cross-check the required data from multiple formats. The intelligent document processing platform was able to read any new digital format quickly and accurately.