Read the blog to learn how we can help banks and financial institutions automate their loan application process quickly and accurately, in turn, assisting small businesses to stay afloat during the COVID-19 crisis.
The COVID-19 pandemic has severely impacted small businesses across the world. Businesses are facing unprecedented economic disruption, loss of business, and are compelled to adapt to new ways of working. Moreover, millions of people across the globe are filing for unemployment relief over the past few weeks.
With these unforeseen challenges, National and State governments are offering financial assistance in the form of relief loan packages, designed to help small businesses navigate the crisis. Small business owners are applying for loans through their banks to keep their workers on the payroll during the pandemic.
This has led to banks getting inundated with a massive volume of loan application requests from small businesses, all of which must be reviewed and approved in a short time. Processing of loan application requests involves specific steps, from loan underwriting to verification checks and approvals. There also needs to be a mechanism to authenticate the small business enterprises applying for the loan, by extracting critical employee payroll data needed for approving the loan application. The failure to process loan application requests on time leads to a huge backlog and customer dissatisfaction.
This is where banks and financial institutions need a solution that can harness information and insights locked away in unstructured documents and automate the manual process done traditionally by banks in double-quick time.
For example, EdgeVerve’s IDP solution platform XtractEdge Platform, leverages Computer Vision, NLP and ML/DL capabilities to automate bank lending and loan processing by extracting critical data from multiple documents such as loan application forms. This enables the underwriters and loan officers to make quicker decisions, process applications faster, and streamline workflows.
See XtractEdge Platform in action: XtractEdge Platform expedites loan processing for a large US-based bank
With an unprecedented increase in loan applications by small businesses, banks need to automate tedious tasks in loan processing such as extracting information from the lender’s forms and Intelligent document identification and information extraction from applicant documents.
XtractEdge Platform can accelerate the bank lending & loan application processing with high accuracy while providing traceability for risk and audit.
XtractEdge Platform is a solution platform that harnesses information and insights locked away in unstructured documents. It automates the end-to-end document processing lifecycle from ingestion to consumption, using AI capabilities. It enables intelligent processing of documents such as loan application forms, invoices, waybills, account receivables, and policy documents, among others.
Contact our team to schedule a demo to learn how our XtractEdge Platform solutions can enable financial institutions to support small businesses with their loan requirements.