- Automated document processing
- Back-office operations
- Bank data analysis
- Business identity fraud
- Business Process Outsourcing (BPO)
- Cash flow analysis
- Document indexing
- Employment verification
- Form data extraction
- Human error
- Human-in-the-Loop machine learning
- Identity fraud
- Income assessment
- Intelligent document processing
- Know Your Customer (KYC)
- Loan origination system (LOS)
- Loan stacking
- Machine learning
- Modern fintech infrastructure
- Mortgage automation
- Optical character recognition (OCR)
- Robotic process automation (RPA)
- Small Business Health Index (SBHI)
- Synthetic identity fraud
- Transaction-level data
- Underwriting process
Automated document processing
Reviewing human-written documents with computer programs instead of people.
A part of a company that performs non-client facing functions and personnel like adminstration and support.
Bank data analysis
Valuable information and insights from a complex banking data set that consists of both structure and unstructured data.
Business identity fraud
When a criminal steals a company’s identity by creating, using or attempting to use the identifying information of a business, without authority, to buy goods, services and/or obtain tax benefits.
Business Process Outsourcing (BPO)
Valuable information and insights from a complex data set that consists of both structure and unstructured data.
Cash flow analysis
The examination of different cash inflows and outflows a company or entity to get a detailed picture of its financial health. Ocrolus offers 100+ small business and consumer analytics that illuminate a borrower’s cash flow dynamics, including revenue, expenses, transaction categories, financial rations, and trends. Learn more.
The practice of adding metadata to documents that makes them easier to search for.
The process of confirming a borrowers’ work history with documents such as W2s, paystubs, and Work Number forms. Learn more.
Form data extraction
Converting the contents of forms into machine-readable data. Depending on how the form is stored, this can be done through OCR or through the document’s embedded text data.
These are human-made unplanned mistakes that reduce quality, safety and/or security.
Human-in-the-Loop machine learning
An extension of machine learning in which human experts validate the analysis performed by machines. This combines the best of machine learning with the review of humans.
This is when an individual pretends to be another person using stolen or forged documents in their name. Learn more.
The verfication of how much a borrower earns through the assessment of documents like bank statements, paystubs, and tax forms. Ocrolus can calculate income for consumers with diverse employment profiles. Learn more.
Intelligent document processing
A type of document automation where a program is able to capture, extract, and process data from a variety of document formats. It utilizes AI technologies such as natural language processing (NLP), Computer Vision, deep learning and machine learning (ML) to classify, categorize, and extract relevant information, and then analyze the data.
Know Your Customer (KYC)
This is a standard in the financial industry that ensures financial professionals have detailed information about their clients’ risk tolerance, investment knowledge, and financial position. KYC protects all parties in the financial process by making sure both sides are aware of what is a reasonable financial burden and risk. KYC compliance typically involves requirements and policies such as risk management, customer acceptance policies, and transaction monitoring.
Loan origination system (LOS)
A system that automates and manages the loan process from beginning to end. This includes everything from the application, through to underwriting, approval, documentation, pricing, funding, and administration. While the individual steps may differ with every lender, the overall process is very similar and helps to maintain a lending relationship.
The practice of getting approved for multiple loans or lines of credit at the same time or within a very short period of time. Loan stacking generally happens through online lending and can be done by either individuals or businesses. While this practice is not illegal, billions of dollars are lost by financial institutions each year because many loan stackers commit application fraud and intentionally default.
The practice of building a computer model to solve a task by letting it discover patterns in data, rather than by the tInstead of using traditional programming methods and setting rules in advance, a computer model is built to perform a task. Furthermore, with each performance of the task, the computer is able to learn how to perform the task better.
Modern fintech infrastructure
The technology stack of a financial service company that helps streamline processes, increase accuracy and reduce turnaround times. Currently, the fintech field is broken up into four main categories, 1) B2B for banks, 2) the banks clients, 3) B2C for small businesses, and 4) consumers.
This is the process of replacing manual data entry with automation in the mortgage process form start to finish. Automation significantly enhances the lending process by enabling financial institutions to route forms and data automatically, reducing the complexity of processing applications, decreasing potential errors, and ensuring customers efficient and pleasant lending experiences. Learn more.
Optical character recognition (OCR)
The ability of machines to convert images of typed text into machine-readable data.
Robotic process automation (RPA)
The process of designing a machine (including software) to do human tasks using real or simulated human tools. Learn more.
Small Business Health Index (SBHI)
This index is a measure of the health of small businesses in the United States. This number is based on several different sets of data including Ocrolus’ own and seeks to capture a real-time snapshot of the health of small businesses by industry and geography.
Synthetic identity fraud
The practice of pretending to be a non-existent person using partially or entirely false information. This is in contrast with conventional identity fraud, in which the identify of a real person is assumed. Learn more.
Transactional data is the data gathered as a result of an individual or businesses transactions. Recent transactions tend to provide more useful information than older ones.
The underwriting process is initiated when an individual or institution are interested in some sort of financial risk, namely taking on a mortgage or insurance . In order to confirm eligibility, the lender verifies the individuals income, assets, debt, credit and property.