Automating Document Validation with Amazon Textract

Client Organization

The client is a provider of innovative solutions specifically designed for mortgage lenders. Their platform focuses on simplifying the loan process by eliminating the need for paperwork, enhancing data transparency, and improving efficiency in borrower verification.

Project Brief

The client was facing significant challenges in processing loan applications due to the manual validation of essential documents like Social Security Numbers (SSN), bank statements, pay stubs, and other supporting documents. The manual process was time-consuming, prone to errors, and resulted in extended loan approval times, leading to customer dissatisfaction and increased operational costs.

Business Needs And Challenges

Time-Consuming Processes: Manual validation of critical loan documents slowed down the loan approval process.
Error-Prone System: High potential for human errors in document verification, leading to inaccuracies.

Customer Dissatisfaction: Lengthy approval times caused frustration among borrowers, reducing satisfaction and leading to potential customer churn.
Increased Operational Costs: Manual labor-intensive processes drove up costs, straining resources and affecting profitability.

Solutions

Our experts at Sigma implemented a document parsing system using Amazon Textract, an AI-powered service that automatically extracts text, handwriting, and data from scanned documents. The solution involved the following steps:

Integration with Existing Systems:
- Amazon Textract was integrated with the client’s existing loan processing system, allowing seamless upload and processing of documents.
Data Extraction and Validation:
- Textract was configured to extract relevant information from the submitted documents, such as SSN from identification documents, account numbers, and balances from bank statements, and income details from pay stubs.
- The extracted data was automatically cross-checked against the information provided by the applicant and existing databases to ensure accuracy.

Auto-Classification and Workflow Automation:
- The system automatically classified the documents based on type and routed them to appropriate validation workflows.
- Documents that passed validation were automatically marked as verified, while those requiring further reviews were flagged for manual inspection.

Benefits

Efficiency Gains: Document processing times were reduced by 60%, allowing the company to handle more applications without increasing staff.
Accuracy Improvements: The human error rate during the document validations was dropped further, with the system correctly validating 95% of documents without human intervention.

Cost Savings: The reduction in manual work led to a 40% decrease in operational costs associated with document validation.
Customer Satisfaction: Faster processing times and fewer errors resulted in higher customer satisfaction, with a notable increase in positive feedback and referrals.

Conclusion

By leveraging Amazon Textract for automated document validation, the client transformed its loan processing workflow, achieving significant improvements in efficiency, accuracy, and customer satisfaction. This success story highlights the potential of AI-driven solutions to revolutionize traditional Lending processes.

Get in touch with us, let’s create value together.

Connect with us

Automating Document Validation with Amazon Textract

Client Organization

Project Brief

Business Needs And Challenges

Solutions

Benefits

Conclusion

Get in touch with us, let’s create value together.

Services

Get In Touch

Follow Us

Technology

Company

Get In Touch

Follow Us