How they describe themselves: Ocrolus is a RegTech Company that uses Artificial Intelligence to automate underwriting tasks with unprecedented accuracy and confidence. The technology parses financial documents, principally bank statements, with a combination of pattern recognition, crowdsourced data verification and fraud detection. With stunning efficiency, Ocrolus delivers standardized, actionable data that is inputted directly into credit models without the need for human intervention. Ocrolus is a unique solution for transparent analysis and rigorous documentation in credit decisioning.
How they describe their product/innovation: PerfectAudit is a turnkey SaaS for automating the analysis of financial documents. The platform digitizes and analyzes images of bank statements and other loan documents from any institution, regardless of format or quality. E-statements, scans, and even cell phone images are transformed into a 99%+ accurate digital database. From these validated datasets, PerfectAudit generates cash-flow analytics, which serve as cutting-edge credit model inputs. By replacing tedious, imperfect human audits with sharp, AI-driven analyses, PerfectAudit streamlines lenders’ back offices and empowers them to price risk with the utmost confidence.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms