Caselet → Intelligent document processing for credit approvals
Caselet → Payslip Analyzer
Reducing TAT for personal loans with intelligent processing of payslip data
Learn how a large bank accelerated its credit approval processes by 70%
Background Insight
Retail Credit
GHAC Bank is among the fastest-growing Indian banking companies. The bank enjoys a significant market share in the retail and small business credit segments. A high brand recall value and a suite of innovative offerings have helped the organization cement its position as a reputed, trustworthy bank.
The bank has over 6.5 N million customers served by 3000+ employees from 400 branch offices. The bank clocked 13% year-on-year growth in the retail loan segment, enhancing its market share to 18%.
(For confidentiality purposes, the names and identifying details used in this case have been altered.)
Challenges in financial automation
For banks and financial institutions in the retail lending space, the borrower’s payslip is a critical source of information. Income and deduction values in these documents are credible representations of the customer’s creditworthiness. However, manual scrutiny of payslips requires a trained workforce. Even with a dedicated team, the process remains cumbersome and time-consuming.
As GHAC Bank’s focus on the segment grew, the shortcomings of the conventional approach became more apparent. The organization’s ambitious growth plans were hampered by processing delays and manual errors. Switching to a robust, scalable, agile system that could overcome the challenges was imperative.
Human
limitations
The scrutiny of multiple payslips for a single loan application demands significant effort and time.
Errors and
inaccuracies
The rigorous, monotonous work leads to fatigue-induced errors and human mistakes.
Variations in
formats
Data extraction must be precise and consistent, regardless of the diverse layouts and styles followed by organizations.
Terminology
differences
Different terminologies used in payslips make it difficult to recognize and associate name-value pairs.
Keen to upgrade your payslip processing
workflows?
Solution
Finuit optimized solution for scalability, versatility, and seamless
integration with GHAC Bank workflows, enabling instant loan approvals.
Ready for any
input
The solution handles diverse payslips, including scanned documents, using ML algorithms to extract accurate data automatically.
Built for ease
of use
Browser UI enables rapid deployment. Provides instant credit scores and comprehensive reports with downloadable summaries for insights.
Customizable for specific needs
Versatile rule engine configurable for segment- or customer-specific needs, with user-defined parameter privileges.
Features of the solution
Indication of AI-powered confidence score for enhanced reassurance
Dashboard views and controls for hassle-free management
Optimized to handle a variety of payslip layouts, terminologies, and formats
Flexible configuration options to address evolving business needs
Calculation of credit scores and risk factors for instant decisions
In-built tools to detect fraud and discrepancies for risk-free approvals
Results
Unlocking the key to higher efficiency with quick and
failproof credit approvals
350
+
Payslips
01
Minutes
88
%
Accuracy
16
X
Faster decisions
RESULTS
Finuit’s
performance
highlights
Finuit’s performance highlights
Approvals with increased speed and efficiency
The bank’s processing efficiency gets a boost while customers were delighted with quick turnaround times.
Upselling and cross selling from actionable insights
With critical insights into the borrower’s financial health, the solution opened up exciting upselling and cross-selling opportunities.
Risk-free decisions
Pre-emptive risk detection is done by using purpose-built algorithms to spot suspicious data, flag discrepancies, and assess risk factors for better credit decisions.
Streamlined accuracy
Error- free data extraction from scanned or system-generated documents of varying quality and size for sound lending decision.
Keen to upgrade your payslip processing workflows?
Is manual processing of customers’ payslips the weak link in your loan approval workflow? Is the exercise of data extraction from diverse layouts and formats fast enough? Is the acquired data truly error-free?
Unshackle your processes from the limitations of legacy approaches. Modernize loan approvals with Finuit and give your business a competitive advantage.