Document automation platform Ocrolus announced it has teamed up with financial data aggregation and account verification expert Envestnet | Yodlee this week.
Under the agreement, Envestnet | Yodlee will leverage Ocrolus’ technology to enhance digital document capabilities for its clients. Specifically, Envestnet | Yodlee’s 47 million customers will be able to improve their user experiences by offering their end-users the option to either submit documents or digitally connect bank accounts. Customers will also be able to automate the extraction of financial data from the documents that the end consumer uploads.
“While the financial services industry has undergone significant digital transformation, documents are still a critical source of data,” said Ocrolus Co-founder and CEO Sam Bobley. “We are thrilled to partner with Envestnet | Yodlee to provide a more comprehensive and smoother customer experience across a variety of financial services use cases.”
New York-based Ocrolus leverages AI to capture and analyze data from 1,000 different types of documents and digital forms and boasts an accuracy rate of more than 99%. The company counts more than 400 clients, including Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi, who use the solution to detect fraud, analyze cash flows and income, and streamline decisions.
With these capabilities Envestnet | Yodlee anticipates its clients will benefit from more efficient and confident decision-making. “With added document automation capabilities, Envestnet | Yodlee will improve and streamline the onboarding process for credit and lending use cases,” explained company Chief Operating Officer Arun Anur.
Envestnet | Yodlee’s client list includes more than 1,300 financial services and fintech companies, including 17 of the top 20 U.S. banks. The company was founded in 1999 as Yodlee, and changed its name to Envestnet | Yodlee after Envestnet acquired Yodlee for $660 million.
In a digital world, sharing documents can be a huge headache. However, automation platforms such as Ocrolus, this process has become much smoother. Today’s collaboration between Envestnet | Yodlee and Ocrolus marks a significant step forward in enhancing the customer experience.
