Automating Payslip Verification for Loan Processing
A leading bank in Bahrain partnered with 10xDS to automate the payslip verification process for loan applications, which were traditionally managed manually. Using Intelligent Document Processing (IDP), the system extracts key information from customer-uploaded payslips with over 95% accuracy and integrates the data seamlessly back into the bank's mobile app.
Business Challenges
Payslip verification through the bank’s mobile app was time-consuming, causing delays in loan processing, while managing 200-250 loan requests monthly created bottlenecks. Additionally, manual data entry increased the risk of inaccuracies and inconsistencies.
How 10xDS Helped
The IDP solution automatically extracts key information from uploaded payslips, such as customer name, company name, salary details, and optional fields like bank account information. Data is processed and verified in near-real-time, ensuring quick turnaround. The extracted data is seamlessly integrated back into the bank’s mobile app via API, eliminating manual intervention. This solution ensures high accuracy, reducing errors in loan processing and significantly cutting turnaround time, leading to improved customer satisfaction. By streamlining payslip verification, it reduces manual workload, allowing staff to focus on higher-value tasks.
