Fintech startup Sikoia has rolled out AI-driven document processing, automating 75% of tasks in customer data verification. Sikoia has officially launched its new AI-powered document processing solution that automates over 75% of the labour-intensive tasks involved in handling customer-supplied documents, particularly during crucial onboarding processes.

Financial service providers rely on precise, authenticated customer data for decision-making. Despite efforts for quick initial decisions, verifying customer data within documents often slows processes, causing frustration. Sikoia specialises in automating crucial parts of customer verification, providing seamlessly integrated solutions for various systems like client portals, origination systems, CRMs, and decision-making tools.

Enabling seamless customer onboarding The latest addition to Sikoia’s capabilities enables lenders and intermediaries to automatically extract verified insights from a variety of customer documents, such as bank statements, payslips, and tax returns. These insights include automated verification checks covering affordability, income, employer, risk indicators, and more, catering to a wide range of use cases including consumer lending, credit cards, and mortgages. Key benefits of the solution include: Reduce customer application processing time: Provide instant feedback and insights upon document submission to minimise delays and eliminate unnecessary back-and-forth interactions‍; Achieve a 75% reduction in costs compared to manual processes: By slashing document handling from hours to minutes and ensuring consistent decisions, institutions can unlock substantial savings‍; Mitigate operational and regulatory risks by using verified data extracted directly from the sources and generate essential flags and risk indicators.

Executives from Sikoia said that verifying unstructured customer data is time consuming, especially in more complex scenarios: a trained back-office team may take hours assess and evaluate all the data, assuming they have it in the first place. Their solution is architected to prioritise accuracy, giving companies the confidence to automate their processes. Their clients are able to reduce their application turnaround times by more than 75%, which at scale can enable savings upwards of a million annually for a mid-sized financial institution.

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