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Accelerating credit evaluation with Passbook Analyzer
Learn how microfinance organizations can leverage AI to streamline underwriting operations.
Background Insight
Accurate credit assessment with AI
ABD is a microfinance company operating in 5 states in southern India. Growing rapidly, it aims to double its loan portfolio of ₹250 Crores within a year.
Evaluating the applicant’s passbook is a standard practice in lending processes. A sizeable number of ABD’s 500 employees engaged in extracting data from passbook images, identifying key data, and entering the details on spreadsheets. Underwriters use the extracted information to estimate the creditworthiness.
(For confidentiality purposes, the names and identifying details
used in this case have been altered.)
Credit evaluation: the challenges
ABD followed the conventional approach of employing a team to analyze borrowers’ passbooks. Every step in the workflow, from data extraction and classification to credit score computation, is work-intensive.
ABD found that human limitations negatively impacted the accuracy of results and processing speed.
Time-consuming processes
ABD’s team spent about 2.5 days scrutinizing the passbook for each application. The company found that the delay got longer as the demand grew.
Input quality issues
Photographs were impaired by camera limitations, improper lighting, or skewing. Printer malfunctions and poor paper quality made the text difficult to read.
Layout & terminology variations
ABD’s team had to deal with different passbook formats and transaction descriptions, which are unique and bank-specific. This called for additional skills and training.
Intelligent automation for accurate passbook
data extraction and analysis
Solution
Finuit’s Passbook Analyzer employs a smartphone app to capture
passbook images and enables instant, error-free loan approvals.
Smartphone app for data capture
The integrated app facilitates a hassle-free acquisition of passbook images from the field for immediate processing.
Support for various passbook layouts
Automatic, AI-enabled identification of the layout, account details, and transaction categories.
Extracts data from poor-quality documents
Purpose-built algorithms recognize relevant details from tilted or blurred images and overprinted or unclear text.
Features of the solution
Support for passbooks issued by all major national and small finance banks in India
Automated calculation of credit scores and customizable rules
App-based data collection for instant decision-making by a backend team
Comprehensive dashboards for
seamless management
Built for scalability and versatile deployment needs
Technical Support for Field Operations
Results
Quick and accurate credit evaluation, assured by AI
100
+
Transactions
88
%
Accuracy
2
Minutes/per passbook
TANGIBLE RESULTS
Finuit’s Passbook Analyzer gives
ABD an efficiency
boost
Finuit’s Passbook Analyzer gives ABD an efficiency boost
Risk-free loan approvals
98% improvement in credit underwriting for safer lending
Accelerated decisions
5x faster processing for shorter turn-around times
Efficiency enhancements
3x boost in operational efficiency for higher profitability
Scaling capacity of field processes
Enhanced capacity of field agents to process more cases
Finuit’s Passbook Analyser
Leverage Finuit’s AI-powered solution and profit from risk-free, turbocharged underwriting workflows.
Keen to eliminate manual, inefficient data extraction tasks that hamper your operations?