Inovatec Systems Corporation Introduces New OCR (Optical Character Recognition) Feature Within Its JAVELIN Platform
Automatic Document Indexing Will Drastically Increase Transaction Accuracy and Speed for Financial Institutions
JAVELIN platform now offers OCR (Optical Character Recognition) for automatic document indexing and sorting. The OCR technology uses custom-built AI machine-learning to allow financial institutions and lenders to sort incoming documents at any hour. The OCR function will save approximately three to five minutes of manual sort time per transaction with accuracy while maintaining current funding processes. For lenders processing thousands of loans at any given time, the OCR feature saves significantly on valuable working hours.
The feature encompasses three different phases:
Automatic Document Indexing includes automatic document indexing and sorting through custom-built artificial intelligence (AI) machine learning. The automatic document indexing feature allows sorting of incoming documents 24/7 while maintaining speedy and accuracy.
Meta Data Validation takes the next step in validating crucial data for funding. This data validation allows financial institutions to “automatically fund” using data analytics. By isolating the necessary data elements for funding, a transaction can automatically be completed using validations that align with lenders current processes.
Auto Fund is the process that completes the journey to Automated Funding by taking a submission or automatic approval to funding without human touch. Inovatec is the first and only technology provider to offer Automatic Funding as part of their LOS offering.
Benefits of an OCR-capable system:
- Decreased Funding turnaround time and head count required for Indexing and Data Validation. Use those FTE to fund or adjudicate more deals.
- Increased efficiencies through automated solutions. Get a completely paperless environment through Digital Document from any source (fax, text, email). 100% accurate validations.
- Increased customer satisfaction through faster automated status communications to and from the originating portal. Expose missing or incorrect data and documents.
“Providing the most accurate data for our customers while helping them to save in a quantifiable and scalable way always been a fundamental value at Inovatec,” said Brendon Aleski, US Director of Sales at Inovatec. “We are constantly improving and perfecting our product offering to include proprietary modules, analytics and cutting-edge machine learning capabilities that become smarter with each transaction.” JAVELIN by Inovatec is a state-of-the-art lending platform that helps lenders select the right deals, while only paying for deals that are booked. Inovatec’s solutions improve overall efficiency in areas that would take lenders hundreds of working hours to process, file, organize and approve applications.