Case Study

Automating Customer Onboarding for PaySense

The client is a multinational fintech company that provides payment technology to merchants in 20 countries. It operates a digital lending platform in India, processing over 100,000 loan applications a month and disbursing over $200mn in retail loans annually.

A quick look at the impact Docsumo had in the PaySense Workflow

<30 sec

Processing Time

70%

Reduction in Processing Costs

95%+

Straight through Processing

Best in class for capturing data from financial documents

“We are using Docsumo’s APIs for automating data capture from bank statements and identity cards while on-boarding customers. It has reduced the time our operations team spends on data entry by manifolds while providing a much better customer experience.”

Prashanth Ranganathan

CEO

PayU Credit

Challenge

The client needs to collect identity proof, address proof and income proof from each customer for onboarding.

For each new customer, the lender would manually examine over 7 different types of physical and digital documents, including highly unstructured bank statements.

The operations team would identify and enter information manually to core internal systems. In total, processing each application would take 24 to 48 hours.

The lender tried other Intelligent Document Processing vendors and even tried building the technology inhouse but without much success.

Moreover, they needed to categorize bank transaction data and derive attributes such as gross income and average monthly balance for underwriting.‍

Industry

Lending

Employees

8000

Type of Documents

Bank Statements

Canceled Checks

Passport

Driving License

Voter ID

National ID (Aadhaar)

Utility Bills

Location

India

Division

Operators

Other API Products

Name Matching

Address Matching

Selfie Matching

Download Case Study File

What holds fintech companies in their day-to-day operations and how Docsumo can help fix them? - All your questions answered in this case study!

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.