AI Powered Workflow for Intelligent Document Processing in Loans

Intelligent Document Processing for Loan Applications

1. Document Collection

1.1 Input Channels

• Online Form Submissions
• Email Attachments
• Physical Document Scanning

1.2 Tools and Technologies

• DocuSign for online forms
• Adobe Scan for physical documents

2. Document Preprocessing

2.1 Data Extraction

• Optical Character Recognition (OCR) for scanned documents
• Natural Language Processing (NLP) for text extraction from online forms

2.2 Tools and Technologies

• Tesseract OCR for text recognition
• Google Cloud Natural Language API for NLP tasks

3. Data Validation and Verification

3.1 Rule-Based Checks

• Validation against predefined criteria (e.g., income thresholds, credit scores)

3.2 AI-Driven Analysis

• Machine Learning algorithms to assess risk and fraud detection

3.3 Tools and Technologies

• TensorFlow for building machine learning models
• Fraud detection tools like FICO Falcon

4. Decision Making

4.1 Automated Decision Engines

• Utilization of AI models to provide loan approval recommendations

4.2 Tools and Technologies

• IBM Watson for decision-making analytics
• Zest AI for credit underwriting

5. Communication and Notification

5.1 Automated Notifications

• Email and SMS notifications to applicants regarding their loan status

5.2 Tools and Technologies

• Twilio for SMS communication
• Mailgun for email notifications

6. Document Archiving and Compliance

6.1 Secure Storage Solutions

• Archiving documents in compliance with financial regulations

6.2 Tools and Technologies

• Amazon S3 for secure cloud storage
• DocuWare for document management and compliance

7. Continuous Improvement

7.1 Feedback Loop

• Collecting user feedback to enhance AI models and processes

7.2 Tools and Technologies

• Google Analytics for tracking user interactions
• Tableau for data visualization and insights