Looking for a way to automate your underwriting process when using PDFs or other file types? OCR, optical character recognition, technology has automated the process of manually entering data from a PDF to your software of choice amazingly faster and with very high accuracy.
Many lenders in the alternative finance space and traditional banks have been using this technology or outsource companies that do so for years and the software is increasingly better.
A use case would be for a lender that accepts PDF bank statements to install software, such as the companies mentioned below, and when each bank statement is submitted, the data is extracted from the PDF and into the companies software. That software can be customized to receive the data properly. A common software used would be Salesforce which allows you to display the data as needed for your underwriting team.
Here are just a few companies that are being used in the alternative finance space by funders, lenders and even high volume producing brokers.
Intelligent automation can help you standardize data extraction across all formats. With Ocrolus you can transform unstructured inputs into clean, structured outputs automatically.
Retrieve data from any image and PDFs with 99+% accuracy.
It's a hybrid of a machine and a human. Ocrolus combines AI automation with human quality control specialists to become smarter over time.
Bank statements of any format or quality can be converted into clean, structured data. Use bank transactions to evaluate cash-flow trends and credit risk.
Detect fraudulent documents.
Every financial institution is supported.
Standardize your analysis of bank statements and digital bank data.
Access hundreds of cash-flow analytics used by industry leaders.