bank statement processing
for kyc mortgage applications
13x increase
in ROI
20x increase
in document processing speed
Process 1.5M
bank statements a year
CHALlENGE Overview
Various Know Your Customer (KYC) documents, including paystubs, tax return forms, and bank statements, are necessary for the mortgage application to be approved.
However, each bank has its own bank statement format, resulting in a large variety of statement layouts. As a result, the client’s original method for data extraction required the development and continual modification of numerous template-based data extractions; wasting a lot of time and money, only to achieve mediocre results.
Client
A fintech company focused on streamlining the mortgage loan application process
Goal
Streamline the bank statement data extraction process, using less time and resources while achieving higher levels of accuracy.
WHAT WE DID
- To develop our AI model, AYR utilized bank statements sourced from the Internet as a sample.
- We implemented our Intelligent Data Simulator (IDS) to create variations in the layout and content of bank statements, providing exposure to a wide range of scenarios and improving the dataset.
- This allowed our AI Pathfinder-based multimodal model to become more versatile and resilient, resulting in increased accuracy and versatility, so that it can adapt to any bank statement format with ease
IMPACT
- 13x increase in ROI
- 20x increase in document processing speed
- Process at least 1.5 million bank statements a year
- Achieve speed to value in only 2 weeks
