Background
A FinTech company contacted Zazmic looking for innovative AI solutions to streamline operations and help the business gain a competitive advantage to attract new clients. The client provides a digital platform for small and medium-sized businesses to access crucial financing options, such as commercial loans. Their automated underwriting process leverages machine learning and AI to expedite loan decisions and eliminate manual effort.
Challenges
The company faced a significant bottleneck in its underwriting process: manual data entry and analysis of loan applications, bank statements, and debt sheets. This approach was time-consuming, prone to errors, and slowed loan approvals.
The client was looking for an AI automation solution to streamline work with massive amounts of data. The company’s key objectives included:
- Automating document processing to extract key data from various financial documents with high accuracy.
- Improving efficiency to reduce processing time for loan applications.
- Minimizing errors by eliminating manual data entry and its associated errors.
- Streamlining data transfer by seamlessly integrating extracted data into the company’s Salesforce CRM.
What We Offered
Zazmic leveraged its AI and FinTech expertise to design and implement a custom AI-powered document processing pipeline hosted on the Google Cloud Platform (GCP). This pipeline uses Google’s Document AI and integrates seamlessly with the client’s existing Salesforce infrastructure.
Here’s how it works:
Email Integration
When a loan application arrives via email, the system automatically captures the email and its attachments (loan applications, bank statements, and debt sheets).
Document Classification
A custom AI model classifies each document, identifying it as a loan application, bank statement, or debt sheet.
Data Extraction
Google’s Document AI, using pre-trained processors, extracts key data points from each document type, such as applicant information, financial details, and transaction history.
Salesforce Integration
A secure integration mechanism automatically populates Salesforce with the extracted data, facilitating a smooth underwriting workflow.
On-Demand Processing
Bank statements are processed on-demand, optimizing cost and efficiency. The client can request specific bank statement processing through a dedicated API endpoint when needed.
Results
The company is expected to experience the following positive outcomes after implementing AI and ML solutions offered by Zazmic:
Increased efficiency
Automated data extraction eliminates manual data entry, freeing up employees’ valuable time and resources.
Faster operations
Faster processing of loan applications enables quicker turnaround times for loan decisions.
Improved accuracy
AI-powered extraction minimizes the risk of human error in data entry, ensuring high data accuracy.
Scalability
The GCP-based solution provides the scalability to handle increasing volumes of loan applications as the company grows.
Cost optimization
On-demand processing of bank statements helps optimize costs by avoiding unnecessary processing.
Use the power of AI to elevate your business performance!
Zazmic’s expertise in AI, machine learning, and cloud technologies can help your organization unlock new levels of efficiency and productivity. Contact us today to explore innovative AI solutions designed to meet your unique business needs.
