Today’s world of the internet and e-commerce, where purchasing become much simpler, has reshaped a new consumptive era. It’s one of the influences on the higher demand for unsecured loans, affecting the emergence of BNPL (Buy Now Pay Later) and credit cards going more popular.
Meanwhile, the unsecured loan business lifecycle is inseparable from the complexity of financial data management. Take a look at the examples of personal debt procedures: KYC application verification, credit limit approval, transaction usage records, and more. These would result in nothing without proper data handling. To accomplish multiple objectives, personal loan companies must be managed to organize massive data sets collected from customers. This process can be very onerous, yet becoming advantageous if it is efficiently addressed to provide data-driven initiatives.
Well known for its high-speed processing qualities, OCR (Optical Character Recognition) and Data Enrichment API, can be a powerful combination to enable automated efforts in personal loan operations. Providing far less time and cost spent. What is the best way to integrate these AI-powered tools into non-secured debts namely BNPL, online personal loans, and credit cards? Discover more here.
Seamless application review
Before approving the customer’s debt, the loan provider is required to examine a set of information given by the applicant initially. With OCR, optimize the verification process by speedily capturing key details from a photo or document form format, which the data output can directly integrate into the loan management platform. Achieve the point where data extraction in prospective customers’ applications is rapidly done only in seconds.
Fake document prevention
In evaluating unsecured loan requests, prior detect potential red flags from applicants. AI-enabled fraud detection will help you spot suspicious signs by identifying inconsistencies and doubtful hints with real-time monitoring, preventing any possible fraudulent issues.
Short waiting approval
Delivering a quick debt account-activating experience means fulfilling customer satisfaction. Once the application documents be received, seamlessly comprehend its important details with an automated analyzer tool. Explore and assess the customer’s financial background to determine whether to grant approval or rejection in a short time.
Smart spending insights
The AI-powered system can translate raw data into categorized and enhanced data. Based on individual users’ activity, make the most of the transaction data to provide personalized spending summaries, financial insights, and budgeting or saving recommendations.
Segmented offering
AI power has no bounds. Escalate your marketing strategy as well by utilizing enriched customer insight. Furthermore, by segmenting your upselling effort to the right-targeted customers, reduce promotional costs yet increase conversion rates.
Experience Streamlined Unsecured Loan Process With Fintelite Solution
Introducing Fintelite solution, an AI-driven platform to streamline your day-to-day operations. Achieve a significantly effective and less manual cost in every step of personal loan processing.
Our advanced OCR technology efficiently captures and parse the essential point from your data with an impressive 99% success rate without a long wait, leaving behind the likelihood of manual errors. Want to adjust the categorization? here’s also our labeling and retraining dashboard allowing you to freely modify, so it can meet your preferred details. Claim your Fintelite OCR Free Trial today.
Integrate Fintelite Bank Statement Analyzer to enjoy an entirely automated analyzing process. With an enhanced machine-learning algorithm, our analyzer tool capably cleans, categorizes, and visualizes the data. Take steps closer to your customer’s transaction data, providing them with the best experience. For more information, we invite you to talk to our AI expert and learn more about how we can help your business with our AI-based solution.
