In today’s AI era, the implementation of OCR (Optical Character Recognition) to enhance business efficiency has become more prevalent than ever. OCR automatically extracts data from any type of document in seconds, making it a reliable solution for lending that requires various documentation. Its capability to deliver unmatched speed and accuracy in data extraction can help lending firms address manual drawbacks and limitations. No more human error, just confidence. Let’s explore OCR examples for gathering information from ID cards, passports, payslips, bank statements, and other lending documents!
Examples of using OCR for processing several lending documents
ID CARD
An ID card serves as an identity document, containing personal information such as full name, date of birth, identification number, photograph, and signature. While manual data entry takes hours, extracting ID card data using OCR can be done quickly. Here’s how it looks:
PASSPORT
Passport may not always be required to submit, but it usually can be an alternative for non-citizens borrower or ID Card complement when additional information is needed. With OCR, you can convert images of passports into manageable datasets more easily.
PAYSTUB
As part of proof of income, paystub (or payslip) outlines employee gross income, deductions, and final net salary for each month. From this, lenders can assess the borrower’s financial capacity in committing to a loan.
EMPLOYEE VERIFICATION LETTER
In addition to payslip, ask for a formal letter issued by the employer to confirm the borrower’s employment status and assess whether they have a stable job. Here’s how OCR can help you automatically capture this employee verification letter.
BANK STATEMENT
Bank statement provides the official record of transactions in a bank account. It is essential to obtain bank statements from the last three months for more comprehensive financial insights. By using OCR, lenders can save significant time in processing bank statements and reduce the risk of manual mistakes.
LOAN APPLICATION FORM
In the first phase of lending, collect necessary information from prospective borrowers by requesting them to fill in a loan application form. OCR facilitates quick data retrieval from these applications, allowing lenders to send timely updates to the applicants.
Credit Report
Credit report shows the summary of an individual past or current credit activity, including its repayment history. By using OCR, seamlessly extract data from credit reports to efficiently determine the most ideal loan amount and interest rate for applicants.
Automate your data extraction for an efficient loan processing
Start adopting OCR to how you manage lending documents and onboard customers more swiftly. OCR by Fintelite allows you to extract all the required data just by one easy upload. Fintelite OCR emerges as an all-in-one solution, capable of adapting to any document type. Save time previously spent on correcting errors, as our OCR works with near-perfect accuracy. You can also flexibly add customization to how you want the data to be extracted. Book a demo to see how Fintelite OCR can improve your lending process, or sign in to our dashboard for free to gain firsthand experience.
