Inscribe, the award-winning fraud detection and document automation platform, today announced that it has released new features to help the financial services industry meet demands for better risk management and faster customer approvals. Outdated and inefficient processes currently being utilized leave businesses waiting from one to six months to hear about loan applications, while millions of consumers without credit scores aren’t able to access financial products at all. But forward-thinking companies are addressing the need for data-driven risk management with AI-powered fraud detection, document automation, and credit analysis.
“Whether applying for a loan, opening a line of credit, or dealing with a faulty credit score due to a computer coding error, we’ve all suffered from unfair or inefficient processes in our interactions with financial institutions,” said Ronan Burke, co-founder and CEO of Inscribe. “Inscribe’s tremendous growth in 2022 has allowed us to further our mission of creating a fair and efficient financial services ecosystem, and new Credit Analysis™ and AI-powered bank statement automation features that we’ve just released give companies instant access to the vast amount of financial data contained within documents so that they can make faster and more inclusive lending decisions.”
In the past, risk and operations teams had to spend upwards of 30 minutes reviewing a single application document for information. New Credit Analysis™ snapshots and advanced automation features from Inscribe provide a snapshot of important data points needed to make lending decisions with confidence — including cash flow details from bank statements, transaction parsing, and pay stub parsing. Unlike other solutions currently on the market that can take up to 4 hours, Inscribe accurately extracts and returns key details (names, addresses, dates, transactions, salary) in just seconds.
Fast-growing fintechs across lending, corporate cards, and financial automation have already adopted these features:
“Reviewing bank statements is a critical step for us to determine an applicant’s creditworthiness. But that requires a lot of manual effort for our team to verify income, understand expenditure, search for high-risk transactions, etc.,” said Anurag Puranik, Head of Credit and Risk at Coast. “Inscribe’s Credit Analysis feature mimics the same heuristics my team uses and delivers those key cashflow data points almost instantly. Not only does this save us time, but it enables us to make better credit decisions.”
“One of our competitive advantages at Ramp is speed. As the fastest growing corporate card in America, we look for products and services that can match our pace and help us accelerate growth,” said Karim Atiyeh, co-founder and CTO at Ramp. “In the process of automating our underwriting, we found that a significant percentage of our applicants still uploaded bank statements. Inscribe’s transaction parsing has been key to automating the application review process.”
“Inscribe’s pay stub parsing has been incredible,” said Sara Vozeolas, Sr. Operations Analyst at VIVA Finance. “The fact that we don’t have to have our internal agents pull out net pay or annualize income significantly reduces the chances of human error and frees up their time. It really has improved our efficiency. We’ve been able to reduce the amount of time it takes for us to give applicants a loan decision by 50%.”
With these new features, Inscribe customers can address business and consumer demands for near-instant approvals while protecting themselves from fraud and credit losses down the line. This announcement comes amid rapid growth from Inscribe in 2022: The company surpassed a 3x y-o-y increase in annual recurring revenue (ARR) and a 4x y-o-y increase in the number of documents being processed every month.
Companies that use Inscribe can give their customers faster approvals while saving thousands of employee hours and millions of dollars in fraud losses each year. In 2022, Inscribe also announced a partnership with Lendflow and was listed on the 2022 AIFintech100 and SaaS award lists. To learn more about Inscribe’s fraud detection and risk management solutions, visit www.inscribe.ai.