Addition strengthens company’s ability to process semi-structured and unstructured documents without human involvement
Ocrolus, a leader in AI-driven document automation for faster and more accurate lending decisions, announced it has integrated GPT embeddings from OpenAI into its set of technologies.
The addition of OpenAI GPT embeddings strengthens Ocrolus’ ability to process semi-structured and unstructured documents, such as bank statements, paystubs and mortgage applications, without human involvement. Integrating GPT embeddings from OpenAI further cements the company as a leader in creating best-in-class automation solutions for small business, mortgage and consumer lenders.
Latest Fintech News: LG Capital Acquires Stake in 4×4 Capital
Ocrolus document automation combines state-of-the-art AI from across the industry within a single solution to help lenders make decisions with confidence. In addition to the OpenAI integration, the company’s technology set includes subsystems from Amazon, Google and its own proprietary deep learning architectures. These models are enabled by its massive document dataset, built from processing hundreds of millions of document pages, and the company’s unique ability to create accurate training data in-house to constantly improve its algorithms.
“Ocrolus continuously seeks to integrate AI solutions that can improve our machine learning models as well as our Human-in-the-Loop (HiTL) verification process,” said Zach Haehn, SVP of engineering at Ocrolus. “Today, most documents we receive are processed with no human interaction, and we’re staying on the offensive by continually adding the best technology from leaders like OpenAI. By expanding our technology platform, we’re creating more efficient ways to deliver the accurate data and analysis lenders require to make more informed decisions in the fastest way possible.”
Leading small business, mortgage and consumer lenders across the financial services sector use Ocrolus to classify, capture and analyze financial documents for more informed lending decisions. This integration will lead to even more efficient document automation for Ocrolus customers, enabling them to process more loans while continuing to deliver the precise data required for financial decision-making.
Latest Fintech News: De-dollarization and the Prospect of more Countries Adopting Digital Currencies
“Ocrolus’ AI technology has transformed our lending business,” said Ocrolus customer and Head of Operations Strategy & Enterprise Projects at Kapitus, Murugappan Chettiar. “The automation and accuracy have saved us many hours of manual work and drastically reduced errors in our lending decisions. It’s been a game-changer for us, allowing us to handle more loan applications without sacrificing accuracy or speed.”
Ocrolus will demonstrate its AI-driven document automation technology at booth #343 during Fintech Nexus USA 2023, taking place at the Javits Center in New York City May 10-11.
Latest Fintech News: PayBito’s Open API Enables Businesses to Accept Crypto Payments for Free on Their Website
[To share your insights with us, please write to sghosh@martechseries.com]
