Product Overview of Ocrolus
Ocrolus is an advanced intelligent document automation software designed to revolutionize the way businesses, particularly in the financial and lending sectors, handle and process documents. Here’s a detailed look at what Ocrolus does and its key features:
What Ocrolus Does
Ocrolus specializes in automating the extraction, classification, and analysis of data from various types of documents. This includes bank statements, pay stubs, tax forms, loan applications, invoices, and more. By leveraging AI, machine learning, and human validation, Ocrolus transforms unstructured data into structured, decision-ready information, enabling faster and more accurate financial decision-making.
Key Features and Functionality
Automated Document Processing
Ocrolus uses AI-driven technology to automatically classify and extract data from documents, achieving over 99% accuracy across a wide range of document types, regardless of format or image quality.
Human-in-the-Loop Validation
For documents that require additional verification, Ocrolus employs a “Human-in-the-Loop” validation process. This involves routing documents to data classification and verification specialists for detailed review and quality control, ensuring the highest level of accuracy and reliability.
Fraud Detection and Compliance
Ocrolus includes robust fraud detection tools, such as file tampering detection, arithmetic checks, and visualizations, to identify suspicious activity and protect against fraud. The system also ensures compliance with regulatory standards and legal requirements, maintaining a comprehensive audit trail of key data fields.
Efficiency and Scalability
The software eliminates the need for manual document pre-sorting and review, significantly reducing processing times and increasing efficiency. It allows businesses to scale operations dynamically, flexing up or down as needed, without increasing overhead costs.
Integration and Workflow Automation
Ocrolus seamlessly integrates with existing systems such as CRM (Customer Relationship Management) and LOS (Loan Origination System) platforms. This enables automated workflows, streamlining the document processing and decision-making processes. The output from Ocrolus can be directly integrated into these systems, enhancing overall efficiency and customer experience.
Instant and Complete Solutions
Ocrolus offers two main solutions:
- Instant: A machine-only document automation solution designed for small business and consumer lenders, focusing on quick and cost-efficient processing of documents like bank statements and tax forms.
- Complete: A premium solution that includes human-in-the-loop validation for more complex or lower-quality documents, ensuring the highest accuracy and reliability.
Cash Flow and Income Insights
Ocrolus provides deep insights into cash flow and income by combining document data with digital sources. This helps in developing a precise picture of a borrower’s financial dynamics, enabling more informed lending decisions.
Benefits
- Enhanced Accuracy: Combines machine learning with human validation to achieve high accuracy rates.
- Increased Efficiency: Automates document processing, reducing manual work and accelerating decision-making.
- Fraud Mitigation: Identifies and flags suspicious activity to protect against fraud.
- Compliance: Ensures adherence to regulatory standards and maintains a robust audit trail.
- Scalability: Allows businesses to scale operations dynamically without increasing costs.
- Improved Customer Experience: Streamlines review processes, enabling quicker decisions and better customer satisfaction.
By leveraging these advanced features, Ocrolus helps businesses in the financial sector make faster, more accurate, and informed decisions, while also enhancing efficiency, compliance, and customer satisfaction.