EASING LOAN PROCESSING

Challenges

Our client is the leading microlending company in Europe specializing in peer-to-peer financing. They wanted to automate the inefficient, time-consuming system for loan processing and prevent fraudulent applications while maintaining the volume of deals closed each month. One of the main challenges they faced was lengthy data extraction from applicants’ identification documents.

Solution

To address the situation, our client chose an optical character recognition (OCR) solution created by Concord. Now loan processors simply take a photo or make a scan of the ID, and use the solution to automatically populate a form with the client’s details.

Extra layer of security, a background check option, was added to facilitate faster and better decision making. The solution includes face recognition and matching options to verify the identity of the potential client, and integrates closely with publicly available governmental data from the Ministry of the Interior for further background verification. Our client has the ability to control the entire process, yet prefers to exploit the benefits of the automation.

Results

Our client enjoyed improved performance from loan processors, increased volume of processed applications, lowered average processing time, and reduced fraud.

✓ Reduced application processing time from 2 hrs to 15 mins
✓ Improved employee effectiveness by 35%
✓ Increased amount of processed applications by 95%
✓ Identified 15 fraudulent applications only within first month

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