Envestnet | Yodlee Taps Ocrolus for Financial Document Automation

Doc automation platform Ocrolus introduced it has teamed up with monetary knowledge aggregation and account verification professional Envestnet | Yodlee this week.

Below the settlement, Envestnet | Yodlee will leverage Ocrolus’ know-how to reinforce digital doc capabilities for its purchasers. Particularly, Envestnet | Yodlee’s 47 million clients will be capable to enhance their person experiences by providing their end-users the choice to both submit paperwork or digitally join financial institution accounts. Prospects may even be capable to automate the extraction of economic knowledge from the paperwork that the tip shopper uploads.

“Whereas the monetary providers business has undergone important digital transformation, paperwork are nonetheless a essential supply of knowledge,” stated Ocrolus Co-founder and CEO Sam Bobley. “We’re thrilled to accomplice with Envestnet | Yodlee to supply a extra complete and smoother buyer expertise throughout quite a lot of monetary providers use circumstances.”

New York-based Ocrolus leverages AI to seize and analyze knowledge from 1,000 various kinds of paperwork and digital varieties and boasts an accuracy price of greater than 99%. The corporate counts greater than 400 purchasers, together with Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi, who use the answer to detect fraud, analyze money flows and revenue, and streamline choices.

With these capabilities Envestnet | Yodlee anticipates its purchasers will profit from extra environment friendly and assured decision-making. “With added doc automation capabilities, Envestnet | Yodlee will enhance and streamline the onboarding course of for credit score and lending use circumstances,” defined firm Chief Working Officer Arun Anur.

Envestnet | Yodlee’s shopper checklist consists of greater than 1,300 monetary providers and fintech corporations, together with 17 of the highest 20 U.S. banks. The corporate was based in 1999 as Yodlee, and adjusted its title to Envestnet | Yodlee after Envestnet acquired Yodlee for $660 million.

In a digital world, sharing paperwork is usually a large headache. Nevertheless, automation platforms akin to Ocrolus, this course of has turn into a lot smoother. At the moment’s collaboration between Envestnet | Yodlee and Ocrolus marks a big step ahead in enhancing the client expertise.

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