Automate ID document processing to speed up loan approvals
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from both domestic and international ID documentation to help you approve loans faster.
Why should lenders use Ocrolus for ID documentation data capture and processing?
Loan underwriters require their loan applicants to provide them with an ID so that they can verify their identity and spot fraudulent applications. A variety of documentation can be used for identification and can include passports, driver’s licenses, and ID cards and these can be issued from within the U.S. or across the world. The template and quality of this documentation can vary widely and it can be delivered via hardcopy or through multiple file formats via email or a smartphone app. Without a reliable intelligent document processing solution, lending professionals can spend hours manually retrieving data from hardcopies and scanned documents, some of which may feature difficulty to decipher handwriting. This slows down the loan application process and, should any human errors result, it can even lead to loans being refused.
Ocrolus’ automation solution lets you capture, review, and analyze data from multiple types and file formats of ID documentation issued within and outside the U.S. in real-time. It accurately captures key data to enable fast data-driven decisions.
Advantages of Ocrolus’ ID documentation processing
Retrieve data from ID documentation regardless of country of issue, format, or quality. With Ocrolus you can:
- Optimize loan turnaround time
- Process ID documentation with over 99% accuracy
- Quickly verify an individual’s identity
- Identify suspicious activity and potential fraud with tampering detection
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed