Improving the borrower experience with a document + digital approach to lending

Despite significant advancement and digitization in financial services, physical documents such as tax returns, bank statements and pay stubs continue to be critical data sources for lenders.

These documents provide a detailed look into an applicant’s income history and cash flow, while titles, appraisals and inspection reports offer insights into the condition and value of assets. However, digital platforms can be limited without access to these physical documents, impacting lenders’ decisions’ overall efficiency and accuracy.

Challenges with manual document handling

Physical documents can present numerous challenges outside of integrating with lenders’ digital platforms. The traditional process of collecting, organizing and analyzing these documents is time-consuming and prone to human error.

As a result, manually processing physical financial documents delays decision-making, limits visibility into the status or completeness of applications and hinders the overall borrower experience.

Ocrolus and Envestnet | Yodlee partner for faster, more confident decision-making

Recognizing the challenges of handling physical documents, Ocrolus and Envestnet | Yodlee announced a strategic partnership to provide a more comprehensive, smoother borrower experience across various financial services use cases.

Through the partnership, Ocrolus technology will enable Envestnet | Yodlee users to collect financial data from submitted documents, such as bank and income statements, to supplement data from digital sources.

Ocrolus’ experience processing hundreds of millions of documents adds new statement upload capabilities to Envestnet | Yodlee’s best-in-class platform, including open banking connections from over 17,000 global sources.

Users now have the flexibility to either upload documents or digitally connect their bank accounts, expanding Envestnet | Yodlee’s document coverage capabilities.

How intelligent document automation offers a seamless lending experience

Intelligent document automation like that provided through the partnership between Ocrolus and Envestnet | Yodlee is revolutionizing the lending and borrower experience by addressing the inherent challenges of manual financial document handling.

Intelligent document automation technology enables lenders to create a single platform for applicants to submit digital or physical documents, bridging the digital connectivity gap. Consolidating document submissions into one system capable of handling native digital, scanned, faxed, or mobile-uploaded documents reduces lenders’ and applicants’ time and effort.

AI-powered document automation streamlines the underwriting and approval process by quickly classifying, sorting, and extracting data from various document types, minimizing time-consuming, manual work. In addition to improving document processing efficiency, intelligent document automation also reduces the likelihood of human error, enabling lenders to make faster financial decisions with more comprehensive and accurate insights.

The partnership between Ocrolus and Envestnet | Yodlee highlights the continued importance of physical documents in the digital era of financial services and the power of intelligent document automation in enhancing the lending experience.

While digital data is tremendously valuable, physical documents remain vital to verify information and enable more informed lending decisions.

By combining Ocrolus’ intelligent document automation capabilities with Envestnet | Yodlee’s industry-leading data network, the partnership enables lenders to access deeper applicant insights faster, ultimately improving the overall lending process. 

Book a demo to learn how Ocrolus’ intelligent document automation can improve your financial decision-making accuracy, efficiency and flexibility.

Key takeaways

• Despite advancements, physical documents are still essential to the lending process, demonstrating the need to integrate digital and physical document analysis.
• Automation leads to quicker, more precise lending decisions by reducing human error and expediting the analysis process, enhancing the efficiency and accuracy of financial decision-making.
• Ocrolus and Envestnet | Yodlee’s partnership allows end-users to submit documents or digitally connect bank accounts.