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Ocrolus vs human review: The benefits of document automation software

9 May 2024
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Accuracy and efficiency drive success in the lending industry – areas where traditional manual document review can often fall short.

While human oversight is still essential, manual review is naturally prone to errors due to reviewer fatigue, bias, or distractions, which can compromise the process’s accuracy. 

Ocrolus’ intelligent document automation enables financial services providers to reduce the likelihood of error while streamlining the review process.

What is document automation software?

AI-driven document automation technology like Ocrolus reduces the need for human review by automatically capturing, classifying, and analyzing applicant data across various formats and sources with over 99% accuracy.

By scanning various document types, whether handwritten, printed, or digital, Ocrolus extracts essential data points such as names, addresses, and financial details using sophisticated algorithms that mimic human abilities to identify and contextualize documents.

This technology accelerates processing times and enhances the accuracy and consistency of the data captured, significantly reducing the risk of human error.

Who benefits from document automation software?

With the ability to efficiently and accurately review information from documents of any format, document automation software can help financial service providers make more informed decisions across a range of sectors, including:

  • Small business lenders: By combining instant document processing with sophisticated fraud detection and detailed cash flow analytics, Ocrolus helps small business lenders save significant time and resources while supporting more effective risk management and quicker, more reliable decisions.
  • Mortgage lenders: Mortgage processing involves a heavy flow of documentation. By automating routine data extraction and document sorting, mortgage lenders can focus more on customer interactions and complex decision-making, streamlining the approval process.
  • Property managers: For property managers, automating application screenings means faster tenant evaluations and reduced vacancies. Document automation technology enables a more efficient screening process for property managers, significantly enhancing their speed and responsiveness.
  • Fintech companies thrive on rapid data processing and integrated systems. Ocrolus enables our fintech partners to create accurate solutions for their clients.

Intelligent document automation software vs. human review

Traditional “stare and compare” document review methods present significant obstacles that impact efficiency across multiple industries, not just lending.

Manual reviews are prone to human error, and the labor-intensive process can result in slow turnaround times, delayed decisions, and increased operational costs due to excessive time spent on inefficient tasks.

In contrast, Ocrolus’ intelligent document automation eliminates the need for extensive manual review and accelerates decision-making processes by automating data classification, extraction, and analysis. This automation streamlines operations, reduces errors, and speeds up decision-making – essential for maintaining a competitive edge and improving customer satisfaction in any industry.

10 key benefits of using Ocrolus document automation software

Building on the comparison between traditional human review and AI-driven document automation, integrating Ocrolus within financial workflows can provide significant benefits, such as:

  1. Faster document processing and analysis
    Automation significantly quickens document processing and analysis, reducing wait times from hours to minutes.
  2. Higher accuracy
    AI and machine learning increase the precision of data extraction and analysis, minimizing the high risk of human error.
  3. Significantly fewer errors
    Automated systems consistently perform checks and balances that significantly lower the risk of errors in document handling.
  4. Improved risk mitigation
    Ocrolus helps identify and mitigate potential risks before they become problematic through automated data verification.
  5. Improved compliance
    Automated document processing strictly adheres to regulatory standards and legal requirements while identifying suspicious activity and potential fraud to reduce compliance risks.
  6. Increased bottom-line profitability
    Faster processing and fewer errors lead to higher efficiency and lower risk in financial decision-making, improving bottom-line profitability.
  7. Scalability & flexibility
    Automation allows businesses to scale operations proportionally without increasing overhead costs or flexing their workforce.
  8. Customizable & upgradable workflows
    Ocrolus offers flexible solutions tailored to specific business needs, bettering overall day-to-day performance.
  9. Seamless integrations
    Easily integrates with existing systems, allowing for a smooth transition and immediate efficiency growth.
  10. Seamless customer experiences
    Faster and more exact processing results in a better overall customer experience with quicker loan approvals and less friction.

By leveraging Ocrolus’s document automation capabilities, financial services providers can transform their operations and make more efficient, reliable, and confident decisions.

Document automation use cases

As it continues to drive revenue in such a diverse industry, document automation is becoming nearly mandatory for teams to keep pace. Mortgage lenders, for instance, utilize faster processing and better accuracy in loan underwriting. They rely on automation to handle complex documents like income statements and property appraisals swiftly.

Document automation is equally important for small business and consumer lending. Small business lenders capitalize on automated tools that quickly analyze financial records, which is crucial for timely decision-making and can affect a business’s viability.

Consumer lenders additionally benefit from efficiently processing personal loan applications generating a detailed evaluation of income and credit documents. The speed and reliability of these new practices can help lenders reduce errors and fraud risks.

How automated document classification with Ocrolus works

Ocrolus has completely changed document management through the three-step process, simplifying the organization and analysis of massive document types.

Step 1: Automated document classification

First, Ocrolus’ AI-driven technology automatically classifies documents. Whether dealing with readable PDFs, scans, or smartphone images, the technology achieves a remarkable 99% success rate across over 1,150 document types. This efficient, automated initial process rapidly organizes documentation based on each applicant’s portfolio.

Step 2: Human-in-the-loop validation

Documents that fail to meet confidence thresholds during classification undergo further human review called human-in-the-loop validation. These documents are routed to the data classification and verification specialists at Ocrolus, who perform detailed data labeling and quality control, boosting the reliability of the classification process.

Step 3: Structured and clean data output

Following validation, Ocrolus delivers a structured output of labeled and indexed documents. The program generates a standardized, indexed, and labeled taxonomy, including notifications of inaccuracies or submission omissions. This helps teams discover additional administrative processes before routing documents for downstream operations.

Through this blend of advanced technology and human oversight, Ocrolus speeds up the decision-making process and improves the accuracy and efficiency of document handling.

Leveraging the advanced document automation capabilities of Ocrolus enables lenders to enhance efficiency and reliability while managing risk. By integrating innovative AI and machine learning technologies, Ocrolus streamlines the document-handling process and ensures that financial decisions are based on accurate and thoroughly analyzed data.

As the lending landscape continues to evolve, embracing these tools is beneficial and essential for maintaining a competitive advantage and fostering stronger borrower relationships.

Book a demo to learn how Ocrolus supports faster, more accurate financial decisions with AI-driven document automation. 

Key takeaways:
  • Document automation software accelerates processing time and improves accuracy compared to manual review.
  • Ocrolus automates document classification, extraction, and analysis, reducing the manual effort to inform quicker, more accurate financial decisions.
  • Document automation supports various financial decision-making for multiple industries, from mortgage and consumer lending to multi-family property management.