Envestnet | Yodlee Taps Ocrolus for Financial Document Automation – Finovate

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

Underneath the settlement, Envestnet | Yodlee will leverage Ocrolus’ expertise to reinforce digital doc capabilities for its shoppers. Particularly, Envestnet | Yodlee’s 47 million prospects will have the ability to enhance their person experiences by providing their end-users the choice to both submit paperwork or digitally join financial institution accounts. Prospects may also have the ability to automate the extraction of monetary information from the paperwork that the tip client uploads.

“Whereas the monetary providers business has undergone vital digital transformation, paperwork are nonetheless a essential supply of knowledge,” mentioned Ocrolus Co-founder and CEO Sam Bobley. “We’re thrilled to associate with Envestnet | Yodlee to supply a extra complete and smoother buyer expertise throughout a wide range of monetary providers use instances.”

New York-based Ocrolus leverages AI to seize and analyze information from 1,000 several types of paperwork and digital kinds and boasts an accuracy charge of greater than 99%. The corporate counts greater than 400 shoppers, together with Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi, who use the answer to detect fraud, analyze money flows and earnings, and streamline selections.

With these capabilities Envestnet | Yodlee anticipates its shoppers 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 instances,” defined firm Chief Working Officer Arun Anur.

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

In a digital world, sharing paperwork could be a large headache. Nevertheless, automation platforms corresponding to Ocrolus, this course of has grow to be a lot smoother. As we speak’s collaboration between Envestnet | Yodlee and Ocrolus marks a big step ahead in enhancing the client expertise.

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