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
Reduction in Processing Costs
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.”
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.
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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!
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