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Revolutionizing data integrity: Ocrolus’ approach to redefining document analysis in the digital age

1 Feb 2024
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In a rapidly changing and increasingly digitized lending industry, financial institutions encounter both challenges and significant opportunities in document processing and verification.

Using AI-driven automation, Ocrolus is redefining document analysis in the digital age, enabling lenders to quickly retrieve data from any file and maintain data integrity, regardless of format or quality. 

Our approach to automated document analysis

Ocrolus doesn’t just extract data from documents – our AI-driven document automation technology transforms documents from multiple sources into structured, contextualized data to inform lending decisions.

Beyond document data extraction, Ocrolus’s technology uses proprietary machine learning and pattern recognition to localize each key element of a financial document and label it with the proper context. This highly contextualized output ensures lenders have comprehensive information for more informed, confident decision-making.

"Ocrolus unlocks data trapped on documents, addressing one of our core issues in operations: We need quality, consistency and accountability in data; this was tough to achieve with manual data entry. Ocrolus solves that problem by pulling data operationally at scale and consistently delivering quality data."

Enhancing income verification with automated technology

Accurate income verification is crucial to responsible lending and a key element in accurately assessing loan eligibility, creditworthiness and risk.

While traditionally, this process relied heavily on manual document review, a time-consuming and error-prone endeavor, Ocrolus revolutionizes income verification through intelligent automation.

Able to quickly analyze more than 1,150 financial document types like pay stubs, W-2s and tax forms, Ocrolus enables lenders to confidently verify income for both traditional and non-traditional borrowers while significantly improving processing time and accuracy.

Advancing cash flow analysis

Much like income verification, cash flow analysis is crucial for understanding a  borrower’s financial health and risk profile. While income verification assesses an applicant’s earning potential, cash flow analysis offers a more nuanced understanding of borrower financial dynamics to predict the risk of default.

Ocrolus offers advanced cash flow insights with features like proprietary transaction tagging algorithms and trend analysis. By offering lenders a comprehensive 360-degree view of borrowers’ financial situations, Ocrolus enables lenders to make faster, more accurate risk assessments and financial decisions while accommodating the widest possible range of borrowers.

"With the tag functionality, everyone follows the same standardized method, resulting in accurate and uniform income calculations."

Streamlining address verification

Streamlining address verification is essential in financial services for customer due diligence and fraud prevention.  Ocrolus extracts and validates address information from a wide range of documents, aiding in precise customer profiling and risk assessment.

Our Human-in-the-Loop address verification solution understands hundreds of document types, including driver’s licenses, bank statements, tax forms and utility bills, ensuring a thorough, accurate assessment while streamlining the process.

Optimizing employment verification

Thorough employment verification is vital for gauging any given borrower’s loan eligibility and creditworthiness.

Ocrolus’ solution optimizes the employment verification process, allowing for rapid and accurate data retrieval and comparison across multiple employment documents and data sources.

Cross-source validation automatically compares fields across multiple employment documents and data sources, eliminating time-consuming and error-prone “stare and compare” work to improve the speed and precision of credit decision-making. 

Advancing identity verification

As methods of fraud become more advanced, robust identity verification is increasingly important.  Ocrolus offers advanced identity verification by enabling lenders to establish and confirm applicant identities using multiple document types.

Detect, Ocrolus’ AI-based document fraud detection solution, leverages highly accurate machine learning models, AI and an unrivaled document library to uncover fraud with ease. Our algorithms have been trained on hundreds of millions of documents from thousands of financial institutions, giving lenders the ability to make lending decisions based on high-quality data analysis.

With Detect, lenders can learn more about a document’s origin using highly accurate insights and then determine whether it can be considered authentic, helping them reduce risk and streamline their document review processes.

"Detect is amazing! We have been able to save millions by mitigating risk and staying ahead of potential loan buy-backs due to fraud."

– Keith Levy, Head of Underwriting & Processing

We transform complex documents into structured, actionable data that enables lenders to reduce risk, enhance efficiency and improve accuracy.  By automating and contextualizing the analysis of financial documents, we’re helping financial services providers overcome traditional challenges and adapt to evolving borrower demands.

Book your demo today to learn how Ocrolus can help bring accuracy, efficiency and flexibility to your financial decision-making.

Key takeaways
  • Ocrolus is revolutionizing the financial industry and data integrity by using AI-driven document processing automation to transform various documents into structured, contextualized data, enhancing lenders’ decision-making capabilities.
  • Ocrolus offers advanced solutions for income and cash flow verification, employment and address verification and robust identity verification, significantly improving the accuracy and speed of credit decision-making and fraud prevention.
  • By automating and contextualizing the analysis of financial documents, Ocrolus helps financial services adapt to changing borrower demands, reducing risk and enhancing efficiency and accuracy throughout the lending process.