Loan application data verification Process for Small Finance Bank

10xDS implemented an automated solution to verify the documents submitted by customers to avail loans and to process the loan application for a well-known Small Finance Bank in India. Manual validation was error-prone and time-consuming and this lengthy loan processing duration resulted in dissatisfaction from customers. This was also subject to biases from the agent which may result in noncompliance to KYC and fraud. With the automated process, BOT logs in to the loan application portal and reads required details for loan application – Personal details, Address, Nominee Details etc. BOT accesses the supporting documents attached – Customer photo, Signature, Aadhar card, Second ID – PAN / Voter’s ID, Nominee ID and others.

BOT performs data validation of the details in loan application against the supporting documents which includes Human photo detection and Signature detection. BOT submits the case for further processing upon successful validation and return the applications upon unsuccessful validation along with reason for failure. The solution significantly improved the turnaround time of the process, ensuring data accuracy, providing better customer experience, and optimizing the bank’s resource utilization.