The loan approval process requires a large number of documents and validations. Many of those documents are standardized but there still is no simple way to extract the financial and due diligence data from them.
During the loan approval process, bank staff wastes more than 75% of their time dealing with the documentation and performing data entry. That means only 25% of the time is actually spent talking with the customer or focused on approval and decision making.
For banks, these inefficiencies equate to taking more time to answer customers’ requests, which leads to lost contracts or poor customer scoring.
DocDigitizer receives information and extracts data that is fed to banks’ internal systems for loan approvals. The information extracted ranges from financial data to income and tax statements, statutory documents, or KYC documents.
Using DocDigitizer impacts the loan approval workflow by:
- Increasing revenue due to increased productivity during loan originations;
- Delivering same-day customer approvals by integrating automatically with your loan scoring systems;