Ocrolus

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Explore Ocrolus' Document AI platform, designed to streamline and expedite financial decision-making. Empower your processes by turning raw documents into precise insights for more efficient and accurate analysis.

How Ocrolus can help you:

Classify financial documents with precision using machine learning.
Extract and structure data using computer vision and human validation.
Identify suspicious activity with tampering detection and validation.
Gain deep insights into cash flow and income with clean, normalized data.
Quickly retrieve data from any file, regardless of format or image quality, using AI-driven document automation software.

Why choose Ocrolus: Key features

Increase accuracy and make smarter decisions with trusted data.
Accelerate processes by eliminating manual review.
Scale on-demand, available 24x7x365.
Bolster compliance with bank-level security and a robust audit trail.

Who should choose Ocrolus:

Lenders looking to manage risk and avoid fraud.
Organizations aiming for faster and more accurate financial decisions.
Companies seeking to optimize document analysis and financial health evaluation.

About Ocrolus

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https://www.ocrolus.com

Release Date

March 2024

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7 Key Benefits Of Intelligent Document Processing

Data is one of the most crucial elements in today's fast-paced, competitive world. It contributes to organizational growth, tracks business performance, makes informed decisions, and finds solutions to problems. For business, this data is essential for growth, transaction tracking, orders, and more. They need to extract these data from different documents, including delivery notes, invoices, receipts, bills, packing lists, etc. Intelligent document processing (IDP) technology automates manual data extraction techniques from paper-based documents, images or PDFs. IDP extracts the data from different papers and organizes them for seamless access and process, benefitting the business. Benefits of Intelligent Document Processing Intelligent document processing combines optical character recognition (OCR) with artificial intelligence (AI) and machine learning (ML) to automate document processing. It processes complex documents in variable formats and extracts valuable information by understanding their concept and format, saving time, operational cost, and more. Use Cases of Intelligent Document Processing Businesses operating in different fields, relying on data daily, must process several documents and can use intelligent document processing. IDP processes various document types, including invoices, receipts, air waybills, packing lists, OMR sheets, ID cards, passports, purchase orders, transport bills and other documents. Individuals can also train the model to process any new kind of document. The AI-based software processes learn the importance of specific data and ensure accuracy. KlearStack is a pioneer in intelligent document processing software that processes documents with 99.9% accuracy and increases operational efficiency by 500%. The software is compatible with all document types and pretrained for various document models, including: You can create one or more custom models with this intelligent document processing software for any specific document type and leverage its benefits for your business. Some of the business that uses intelligent document processing are: Intelligent document processing for documents works in different steps. Step 1: Pre-processing This is the first step of document processing, in which the software evaluates the document's quality, and if it finds it to be of poor quality, IDP enhances it. However, if the document is not up to the mark, the software eliminates it before processing. Step 2: Document Classification In this step, Intelligent document processing software identifies the document type and categorises it accordingly. The document classification ensures you find similar kinds of documents in the same place. Step 3: Data Extraction It's the crucial step in which the intelligent software extracts valuable information from your documents using optical character recognition, machine learning, artificial intelligence, and natural language processing and organises them in an understandable order. Step 4: Data Validation Once the data is processed, it's time to validate the information. Here, you can check whether the IDP has extracted the right information. In KlearStack, an intelligent document processing solution, the screen is split into two parts where you can compare the extracted information with the original document. If there is any wrong information, you can edit it and simultaneously train the model for future documents. Step 5: Approve the Extraction Once you have checked the data, you can approve it. You can track all the approved documents in a single place. With RestfulAPIs, you can also integrate intelligent document processing software with other existing applications for seamless data management. Conclusion Intelligent document processing is software equipped with machine learning, artificial intelligence, optical character recognition, and natural language processing to ease the document processing task. It benefits the business by saving time and money and boosting operational efficiency. Moreover, the software offers scalability, data security, and integration to support the growth of the business and organisation. Adapting, AI-driven IDP helps the company with document management, makes informed decisions, and increases the productivity of human resources. For an organisation that deals with documents daily, the innovation of Intelligent document software is a boon. Want to know how intelligent document processing can work for your business growth? Schedule a demo!

https://www.outlookindia.com/

Sat, 20 Jul, 8:00 AM UTC

IDenfy releases automated utility bill verification tool

This innovative tool is designed to enhance the efficiency and accuracy of the proof of address (PoA) process, as well as provide businesses with a powerful tool to ensure anti-money laundering (AML) and Know Your Customer (KYC) compliance. iDenfy's automated utility bill verification service uses advanced AI to extract and compare utility bill information with customer details in multiple non-Latin languages within approximately 20 seconds. This new addition to iDenfy's RegTech service package includes key features such as full name verification, as the system extracts and compares the full name on the utility bill with the customer's provided details, as well as address validation, which verifies the user's full address in any language or format. This helps companies scale, especially those that operate in global markets or have various partners from different jurisdictions. According to Domantas Ciulde, the CEO of iDenfy, this is a must in today's landscape as regulations evolve and companies like crypto platforms or fintechs are required to conduct address checks. However, according to Ciulde, there's a challenge when it comes to user experience, as additional checks like PoA verification add friction for the end user. For this reason, iDenfy's team wanted to balance out the time that it takes for the customer to complete the address verification by tailoring a balanced solution, utility bill verification. Asked why not use documents like government-issued IDs, Ciulde explained that regulators require other documents that were not previously used for identity proofing. According to iDenfy's data, utility bills remain the most popular choice out of all PoA documents among their clients due to their accessibility. Additionally, utility bill verification is a robust method for confirming a customer's current residence. Unlike other forms of address verification, utility bills are regularly updated documents that reflect the latest residential information of the individual. iDenfy's team further explains that this makes this document highly reliable for verifying a person's address, ensuring that the data is present and accurate. Another new option that iDenfy's utility bill verification service now offers is seamless API integration, which delivers address verification results automatically without the need to enter any data manually. Users can create a new utility bill upload window for PDF files or images and link the results to onboarded customer data. This makes the job of compliance teams a lot easier, especially when there are thousands of customers who need to have their address data checked. In-house compliance teams don't need to use spreadsheets or any sort of internal databases and worry about data safety requirements, as these complex issues can be solved with the new RegTech tool. Smartstream Industry Report | ff_banners500X200 iDenfy's utility bill verification also facilitates re-verifying existing users by requesting a utility bill with a recent issue date. It helps prevent potential illicit behavior by setting transaction thresholds that require additional proof of verification. AI-generated context on the type of utility bill produces a final comparison response within approximately 20 seconds on average, which, according to iDenfy's team, is at least five times faster than it would take during a standard manual address verification process. It's also worth mentioning that iDenfy's AI-powered utility bill verification tool can be seamlessly integrated into any company's existing KYC workflows. This verification process is particularly beneficial for financial institutions that are frequent targets for fraudulent activities. Verifying customer addresses is a crucial step to add an additional layer of security in eliminating fraud and making it harder for fraudsters to use fake or stolen identities. For example, without thoroughly verifying users during processes like account opening, loan approval, and credit card applications, financial institutions can be exploited for fraud, leading to significant financial losses and damage to the company's image. "With the utility bill verification solution, our goal was to streamline the process and use AI to widen our capabilities, in this case, accept new formats in more different languages for companies that want to scale faster and offer their customers a seamless address verification check," -- commented Domantas Ciulde, the CEO of iDenfy.

Finextra Research

Mon, 22 Jul, 10:03 AM UTC

Artificial Intelligence Is Helping Lenders and Small Businesses Alike

The success of a small business depends on a healthy cash flow. Access to working capital is a much-needed lifeline for these businesses as they are constantly managing and juggling their cash flows. Paying bills, making payroll and filling orders while waiting for the client to pay the invoice is a day-to-day financial reality of these businesses. Hence, timely and adequate availability of capital is of paramount importance. Banks and non-bank lenders have capital available to deploy as they depend on interest rate differential to make money. Credit may get constrained or flow freely based on monetary policy, but is never dry. Still, a large number of businesses fail due to lack of financing. Clearly, the problem is somewhere else. Let's break it down. There are two key parties in a lending transaction - the lender and the business borrower. Lenders often perceive small businesses to be high risk, and to preserve capital, either say 'no' to a borrowing request or charge a high cost. Both these outcomes are detrimental to business cash flow and further limit working capital. This outlines the need for a solution that has the potential to change this scenario, while aligning with the objectives of both the parties. There is a solution that lies in the advancements in data science technology, especially AI and ML. AI powered lending vs. traditional lending In a traditional lending flow, borrower provides their information, and banks collects limited financial data, such as credit bureau, bank statements, maybe financial statements. Lately, lenders have used technology to gather banking and accounting transactions. This information is plugged into internal scores for evaluation. The problem with this approach is narrow and backward-looking data, which leads to sub-optimal outcomes. And the result is self-evident: a majority of loan applications are declined or partially approved. The process takes a long time, with no guarantee of a positive outcome. A bad outcome for both the lender and the business. To get to a positive outcome, lenders need to deploy risk assessment powered by AI tools. AI powered lending incorporates thousands of contextual, market and external data points to build a complete picture of the business. A picture that shows the true income potential of the business based on the economic environment they operate in. This has the potential to satisfy the requirements of both the lenders and the small business borrowers alike. The key, though, is that data needs to be reliable, validated and bias-free, so that the lending can be inclusive. In the US, close to 20% of the businesses are minority owned, and a similar number are women owned. Their challenge in accessing credit is more pronounced. A well-designed AI model has the potential to bring objectivity to that process by removing subjective biases. Furthermore, such a system will allow lenders to meet evolving regulations, such as CFPB Rule 1071 or the CRA guidelines. Another area where AI can help is in tackling affordability. Credit must be affordable, especially for small businesses with low levels of capital, to make it accessible. This affordability issue is a bigger hurdle for women-owned and minority-owned businesses. According to a study from the Federal Reserve, Black- and Hispanic-owned businesses have a harder time accessing credit from traditional sources. This could be due to reasons like limited assets on books. An AI lending assessment tool can include such real-life constraints in assessment and find ways to capture assets that do not show on the balance sheets. If we move to the other party, which is the small business borrower, artificial intelligence has a key role to play. According to a recently published US Chamber of Commerce report, almost 25% of small businesses have adopted AI, citing improved performance. AI systems are improving decision-making across business operations, thereby optimizing resources and providing valuable insights on market trends. Small businesses now have a powerful way to show their worth to a banker by using AI tools. Small businesses can use AI to automate processes and thereby: Beyond numbers, a key area that AI could be used is for financial knowledge building. Many small businesses lack education and credit experience. OECD data shows that women in particular face a gender gap in knowledge about financial management. Small businesses and banks can collaborate in delivery of these programs using AI tools in a cost effective and scalable way. In conclusion, AI is here to stay. It is being and should be adopted by both lenders and small businesses to enable value creation and access to financing with the ultimate pursuit of sustainable, profitable and inclusive growth.

Finextra Research

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TransPecos Bank selects Oscilar AML risk platform for BaaS offering

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Finextra Research

Thu, 1 Aug, 10:04 AM UTC

EarnUp unveils AI Advisor

EarnUp Inc., a financial wellness fintech company, announced today its newest product, AI Advisor, the industry's first and only always-on AI-powered financial guru that helps to automate end-to-end consumer financial wellness. From expert advice to seamless execution, AI Advisor provides financial institutions with the ultimate customer engagement tool. Powered by sophisticated artificial intelligence, AI Advisor empowers users with hyper-personalized insights and guidance, enabling them to make informed decisions to achieve their financial goals. It does this by instantly analyzing the user's real-time banking and credit data to answer complex financial questions with personalized, actionable answers, including tailored product recommendations. An autonomous AI chatbot solution to supercharge customer engagement, AI Advisor ensures that every user, regardless of their financial background, can benefit from expert-level advice and support and realize a stronger, more financially resilient future. "In today's competitive landscape, banks must leverage AI to deliver real value to customers," said Clark Khayat, Chief Financial Officer of KeyBank. "EarnUp's AI Advisor goes beyond traditional budget-tracking apps by analyzing financial accounts and providing personalized, actionable insights. This empowers financial institutions to engage in more meaningful interactions, ensuring customers receive the guidance they need to achieve their financial goals." What sets AI Advisor apart is the ability to understand and interpret the context of a query and respond with an actionable solution, including product offers such as HELOCs, cards, and consolidation loans. Key features of EarnUp's new AI Advisor include: * Discreet & Private: Allows users to maintain their privacy when disclosing and discussing sensitive information with an expert. * Modern Communications: Supports Millennial & Gen Z users who prefer digital and conversational interactions for managing their finances. * Personalized Financial Guidance: Provides users with tailored financial guidance and actionable insights based on their individual financial situation. * Autonomous Guidance: Provides proactive guidance to users based on their changing financial data. * 24/7 Support: Round-the-clock access to ensure users have access to financial guidance and support whenever they need it. * Increases Engagement: Encourages proactive financial management through interactive conversations. * Increases Services: Automates inquiries and tasks, freeing up staff members for other assignments. * Enhances Financial Literacy: Educates users on financial wellness topics, empowering them to effectively manage their finances and improve financial health. EarnUp AI Advisor is uniquely positioned to help financial institutions address key challenges, including retaining borrowers, cross-selling loans and other products, capturing deposits, and closing more loans. It achieves this by assessing users' financial situations and providing actionable steps to solve their problems. For example, EarnUp AI helps users become mortgage or loan-ready, improve their overall financial health, and save for financial goals. The result is valuable data that financial institutions can use to close more loan products, capture more deposits, and retain more members and customers. With a track record of helping nearly three million borrowers achieve financial freedom over the past decade, EarnUp AI Advisor represents the next step in comprehensively assisting individuals. Manish Garg, SVP, Product and Technology for EarnUp, adds, "AI Advisor goes beyond a Q&A chatbot. Our next-gen conversational AI solution provides frictionless access to personal information, tools, and products across any device. Featuring a white-label, customizable UI and pre-trained Large Language Models with advanced NLP and NLU, our agent excels in gathering financial information and leveraging Retrieval Augmented Generation (RAG) for accurate, contextual, and up-to-date answers. While simple chatbots struggle with complex inquiries, our AI-powered conversation agent adeptly handles nuanced financial questions, delivering more meaningful interactions and context-rich responses." AI Advisor's SSO integration also ensures a seamless experience for users, allowing financial institutions to more strongly position themselves as modern and tech-savvy and foster a deeper connection with members and customers, especially with a younger demographic. Financial institutions can also increase service offerings without requiring more resources. Teams are not burdened with additional responsibilities and can, instead, focus on what they do best. "Our mission is to democratize access to actionable information that will improve financial wellness," said Nadim Homsany, Co-Founder and CEO of EarnUp. "This is especially critical as interest rates remain high and borrower debt repayment capacity diminishes. In fact, a recent Bankrate survey found that over half of applicants have been denied for a loan or credit since the Fed began raising rates." Homsany continued, "Rather than simply declining applicants who may not be ready yet - which not only discourages individuals but also leads to avoidance - financial institutions can engage them by providing meaningful and encouraging guidance with steps for how to improve their financial standing. Financial institutions not only build relationships with prospective borrowers, but they also build their own pool of qualified applicants in a way that lowers risk. At the same time, they're better able to support their communities and individuals who may not have access to expert-level advice. Advisor AI is truly revolutionary and a win-win for both financial institutions and their customers."

Finextra Research

Tue, 30 Jul, 2:03 PM UTC

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