In 2024, Document Processing has significantly evolved due to the rapid digitisation and regulations. Which was once seen as a boring beginners job focused on getting new clients; document management and processing now is a critical role especially for the financial sector.
However, digitization comes with it’s own set of challenges, amongst which “fraudulent activities” have taken the center stage. This is particularly alarming for lenders because for them accuracy and speed of document processing is critical.
Now when we think of fraud, the first thing that comes to our minds is “ financial loss” but for lenders and other financial institutions the ramifications of fraud goes beyond it. Fraud erodes customers’ trust and causes massive reputational losses.
Given these evolving challenges, automated and accurate fraud detection is a must have component of document processing. Manual or the use of simple document extractors are error-prone, time-consuming and lack the flexibility to combat new age frauds.
Here’s the thing: to tackle frauds along with being reactive, you also have to proactively prevent it from taking place. We have to always be one step ahead of fraudsters. And that’s where PowerCred’s Intelligent Document Parser comes into action.
At PowerCred, we want to supercharge financial institutions with accurate & prompt decision making, to help them scale. With our vast access to data points, unique insights and flexibility to specific needs we ensure our clients can make the most from our solution.
What gives PowerCred its edge?
Extensive database and unmatched accuracy
PowerCred’s IDP built on advanced OCR technology and latest gen AI models along with human-in-the-loop review, makes us leaders in document processing and verification.
IDP offers detailed indicators of exactly where the document has been tampered with, and being language agnostic; IDP is very useful for global business environments.
For example, the level of risk in case of single transaction error and identity fraud such as name or account number is different. In the case of languages, your customer might have documents in varied formats and terminology.
Lowest document processing times
When it comes to speed and efficiency, PowerCred is unmatched. WIth the ability to reduce document processing time by about 70%.
This allows banks and other financial institutions to give quicker solutions to their clients, boosting their credibility while enhancing client experience. Whether it’s personal loans or working capital loans for an SME, smart-automated document processing solutions like IDP improves overall operational efficiency.
Thorough document validation checks
The way we extract information from documents allows us to provide unique insights not available in traditional OCR tools. For example, incase of address verification; addresses are extracted from all the documents submitted by the client and are cross checked. PowerCred’s IDP makes use of sophisticated algorithms to detect anomalies and inconsistencies.
However, what truly sets it apart from other solutions is that our users can access databases like DUKCAPIL and TELCO; this not just helps in cross-verifying data but also gives the true picture of their potential client.
Our commitment to accuracy
We at PowerCred prioritize accuracy. As an enabler of futuristic financial products and services, it’s crucial for our clients to trust our results. Along with partnerships with leading banks and govt databases; our fraud detection capabilities are document, language and format agnostic. Which means we are equally capable at detecting fraud for both large and small banks and other lending institutions.
Thanks to IDP, our clients have an accuracy rate of 99% across varied documents. This enables lenders to make decisions quickly and confidently.
Designed keeping lenders in mind.
PowerCred’s IDP is designed as an easy plug-n-play solution for lenders looking to enhance efficiency.
The ability of immediate deployment without any prior training or prior sampling, is a significant advantage for lenders who do not want to undergo major overhauls in their business operations.
Book a demo today to find out how IDP can help your team reduce fraud by nearly 23%!
Key Takeaways
- Lending institutions in this digital world, need to make use of document processing tools which are capable of fraud detection to avoid risk and remain competitive at the same time.
- PowerCred’s IDP with its advanced algorithms and Gen AI language models enables banks and other blender significantly reduce fraud risk
- IDP is designed keeping lending institutions in mind, allowing them to take quick and correct decisions.
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