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
Industry
Utility Bills
Type of Documents
Bank Statements
Canceled Checks
Passport
Driving License
Voter ID
National ID (Aadhaar)
Utility Bills
Location
India
Division
Operators
Employees
8000
Other API Products
Name Matching
Address Matching
Selfie Matching
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.
Download free Case
Study
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.