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customer stories
Lendr provides faster access to capital for small businesses with Ocrolus’ AI-driven document automation
Small Business Lending | Detect
Headquartered in Chicago and serving small businesses since 2011, Lendr provides small businesses throughout the continental US with the quick working capital they need. They provide customized solutions for CRM (Customer Relationship Management), Portfolio Risk Analysis, and any required reporting.
Challenge
Increase the efficiency of manual bank statement verification processes
Solution
Introduction of document automation reduced processing time from hours to 12 minutes
Result
Estimated $560,000+ in savings per year through automated processing and analysis
Challenge
In small business financing, speed reigns supreme. “When a business owner’s pizza oven breaks, they can’t afford to wait 30-45 days for a conventional commercial loan—they need funds immediately,” says Nick Mates, VP of Operations & Technology at Lendr.
“Before teaming up with Ocrolus, our team members spent over 5 hours per week manually verifying bank statements.” This hindered their ability to efficiently obtain accurate, insightful, and structured data on potential customers’ financial status.
Solution
To address these challenges, Lendr turned to Ocrolus, an AI-driven document automation solution. Ocrolus was pivotal in developing their automated qualification and decision engines, empowering underwriters with a comprehensive view of potential customers before the profile reaches their desks. Additionally, Ocrolus provides a rapid analytics suite, enabling Lendr to swiftly and reliably parse financial data.
“The solution offers two primary benefits: a genuine partnership fostering mutual growth and the dependability and strength of the financial data output,” adds Mates.
Result
As a result, Lendr’s full integration with the Ocrolus API significantly reduced their processing times and increased efficiency. “Bank statement processing time has decreased from multi-hour to just 12 minutes on average, enhancing overall organizational throughput,” according to Mates. This shift allows internal team members to concentrate on higher-value analysis rather than manual data entry.
Lendr estimates introducing Ocrolus document automation will save their team more than 70,000 hours and $560,000 annually through efficiencies in document processing. Those savings could potentially double when considering an improved, automated fraud detection process with Ocrolus Detect, which minimizes the potential for overlooking fraud signals in human review.
Lendr collaborated with Ocrolus to build their merchant cash advance (MCA) & alternative finance detection suite (formerly Perfect Audit) to automate bank statement ingestion and transaction tagging. The efficiencies gained with Ocrolus also benefit Lendr customers through an expedited funding process that offers faster access to working capital.
Ocrolus has been a strong partner and has continued to innovate and improve its products over our seven-year relationship. Despite its maturity, the relationship is neither transactional nor stagnant. Ocrolus has become a staple in our workflow, reducing verification time from hours to 12 minutes.”