Executive insights: How decision-ready data is helping lenders improve efficiency and manage risk

Underwriting workflows operate at peak efficiency when lenders spend less time on manual, error-prone tasks like data entry and more time on high-value activities that require human expertise, such as assessing each borrower’s unique financial situation.

Ocrolus’ AI-powered data and analytics platform is helping lenders achieve this goal by providing decision-ready data. With highly accurate, structured information, underwriting teams can work more efficiently, mitigate risk and streamline their operations.

A recent McKinsey report highlights data inaccuracy as the biggest risk organizations face when using AI, making precision more critical than ever. Document analysis is one of the most challenging workflows to automate, yet Ocrolus solves this challenge by delivering reliable insights that enable lenders to make informed decisions with confidence.

We spoke with Ocrolus CEO Sam Bobley, President Vik Dua and SVP of Growth David Snitkof to discuss the essential role of decision-ready data and how Ocrolus’ technology, processes and people produce the accuracy lenders need.

Vik: Building the foundation of decision-ready data

Accuracy has always been the cornerstone of our brand promise at Ocrolus. We’ve built our operations to ensure that our integrated system of technology, processes and people consistently deliver decision-ready data for lenders.

Our proprietary task-based workflow gives us a unique ability to break down the complexities of document extraction and verification into smaller, manageable tasks that have allowed us to scale operations efficiently. This efficiency carries across both automated workflows and our Human-in-the-Loop (HiTL) verification process, resulting in a 93% compounded annual growth rate in the number of pages verified per employee. Our workflow approach validates accuracy at multiple intervals and leverages the best technologies in an auditable manner. This structure enables continuous refinement of extraction and verification processes, enhancing both automation precision and human review effectiveness.

Ultimately, for our customers, this means highly accurate, decision-ready data and analytics that are both scalable and tailored to their specific underwriting needs. As we continue to expand the data fields and types of documents we can process, lenders can gain deeper insights into borrowers’ financial health, enabling them to serve a diverse range of borrower profiles and grow their businesses with confidence on the foundation of trusted data.

David: Why accurate data matters in lending

Lending decisions come with asymmetrical risk. When a borrower pays back a loan, the lender makes a modest profit; if that borrower defaults, the lender’s loss can be quite substantial. Having trusted data to make the right decision at the margin makes all the difference. High-quality data and analytics reduce risk tremendously by helping lenders make well-informed decisions.

At Ocrolus, our process is designed to prioritize accuracy in data and analytics. Different lenders have different underwriting guidelines, so their data requirements can vary widely, even from one loan product to another. By focusing on the precise information most relevant to understanding a borrower’s financial health and capacity to service new debt, we can ensure automated risk algorithms as well as underwriters have the exact information they need to make accurate decisions quickly. This accuracy, in turn, drives two main benefits:

1. Efficiency and scalability: With the right data in the right format, lenders avoid tedious manual verification steps. They can handle more applications per day without sacrificing quality.
2. Access to higher-quality borrowers: In competitive markets such as small business funding, “time to decision” matters. A lender that can quickly approve a qualified borrower often wins that relationship before the borrower looks elsewhere. This selection effect means that lenders with lengthy and cumbersome application processes limit themselves to lower-quality borrowers who may have no other options! By accelerating approvals through decision-ready data, Ocrolus helps lenders attract better-qualified borrowers and minimizes the risk of losing them to competitors.

Sam: Fueling application growth through lending efficiencies

Forward-thinking lenders increasingly rely on AI-powered data and analytics to achieve transformative gains in their underwriting processes. By capturing decision-ready data at the top of the funnel, lenders can swiftly expand their pool of qualified borrowers and make more informed lending decisions.

Ocrolus accelerates this transformation by streamlining the end-to-end underwriting experience. With decision-ready data and analytics, lenders can programmatically pre-approve borrowers, allowing underwriters to focus on the more strategic task of understanding each borrower’s unique needs.

This efficiency is powered by AI technology that automates labor-intensive steps, boosting underwriting capacity while delivering exceptional customer experiences. By uniting people, processes and technology, Ocrolus helps lenders gain a competitive advantage in an ever-evolving financial landscape.

Ready to see how decision-ready data can transform your underwriting? Book a demo today to experience Ocrolus in action.

Key takeaways

• Ocrolus provides highly accurate, decision-ready data that streamlines underwriting workflows and mitigates risk.
• A task-based workflow, supported by automated technology and human verification, ensures efficiency at scale.
• Lenders leveraging AI-powered data and analytics can serve a wider range of borrowers, increase productivity and underwrite loans with greater confidence.