Introducing Instant, machine-only document automation to save small business lenders time and money

Artificial intelligence (AI) has taken the spotlight in recent years, with large language models (LLMs) like Bard or ChatGPT gaining the interest of both businesses and consumers. However, the Ocrolus AI story started long before these tools came to be.

Over the past nine years, we’ve built an unprecedented library of training data used to inform AI and machine learning (ML) models for intelligent document automation and analysis.

That training data, combined with our experience in the financial sector, led to  Instant – a new offering that delivers the same precise data our customers have come to expect from Ocrolus, but with greater efficiency and at a lower cost.

A one-stop shop for lenders’ document automation needs

Instant is not a new product, but a new machine-only offering within Ocrolus’ document automation solution. Leveraging the same AI-driven automation technology that Ocrolus customers have come to trust, Instant gives lenders a second option of a more time- and cost-efficient document automation solution.

As we have processed more documents over time, our automation capabilities have improved to the point where we are ready to offer Instant as an unbundled machine-only solution to the market.

While some more complex or lower quality documents will require Complete, our premium human-in-the-loop (HiTL) solution, Instant gives small business and consumer lenders and standalone solution for documents such as bank statements, W2s and tax forms, making Ocrolus a one-stop-shop for all document automation needs.

For lenders managing a mix of documents, Instant and Complete can be used side-by-side through a single API or dashboard connection, simplifying the upload process by combining all document and data processing under a single solution.

A lower cost option for lenders facing economic pressure

Instant is designed for small business lenders facing increased pressure to reduce cost and increase speed due to the current macroeconomic environment. With rising interest rates impacting the cost of capital, margins can be tight. This means increasing volumes and lowering operating expenses are top priorities for many in the small business lending industry.

By automating the loan application process with accurate data, lenders can reduce time spent on unqualified applicants and focus on underwriting and approving quality applicants. This helps small business lenders increase approval rates and funded deals while reducing credit risk and improving margins.

The benefits of a machine-only offering

The addition of Instant as an unbundled solution gives lenders a competitive advantage, enabling them to:

• Reduce overall blended application costs with machine-only document and data processing
• Increase funded deals through an automated, expedited screening process
• Decrease credit risk with more accurate data alongside fraud detection and advanced cash flow insights
• Increase efficiency with a single solution for all document automation and data processing needs

For small business lenders, this ultimately provides a single tool for document and bank statement processing without the need for tech upkeep or support, allowing them to focus on what matters to their business and their customers.

To learn how Instant can help take your small business lending team’s efficiency to the next level, fill out this form to request a demo.

Key takeaways:

• With the introduction of Instant machine-only document automation, Ocrolus provides an all-in-one solution for small business and consumer lenders’ document processing and analysis needs.
• Instant empowers lenders to process documents, particularly bank statements, quickly and at a lower cost. This allows them to focus on quality applications, decrease their overall processing costs and increase funded deals.
• For lenders managing a mix of documents, Instant and Complete can be used side-by-side within the Ocrolus solution, simplifying uploads and addressing all document and data processing needs.