Speed (Scan of Documents) is Wonderful, but Accuracy is Imperative!

22nd September 2021

In today's ever-changing dynamic market, the speed with accuracy has become the need of the day. With digitalization being the new norm, Perfios provides an intelligent solution to speed up processing large volumes of unstructured data, thus minimizing manual paperwork while generating a faster response to new opportunities. This solution provides its customers with improved compliance, transparency, powerful automated workflows, valuable insights and quicker turnaround times.

Perfios has used new cutting-edge technology to enhance the extraction of text and information from images. It has created a new Automation Engine, enabling individuals and companies to efficiently handle manual data entry procedures, logging and storage of information, and minimizing errors with enhanced response times. 

InDigize is an enhanced combination of OCR and an extremely intuitive UI. It considers various digitized documents beneficial for different purposes like bank statements, GST, ITR, etc. It provides a solution to save the document in a central system and easily retrieve it later. 

InDigize enables a flexible output, especially in banks and financial institutions where the Relationship Manager or the Credit Manager has to deal with a lot of documentation, making it convenient for the manager to handle and execute their tasks absolutely error-free. It simplifies the procedure, resulting in faster response time and delivering the product output report with almost 100% accuracy.

The uniqueness of InDigize is reflected in its concept of automation, clubbed with flawless execution of expertise that efficiently puts the intelligent solution to use. Perfios empowers financial institutions with automated digitization and assists them with an expert team from Perfios, delivering high-quality outcomes. 

At present, Perfios is typically catering to large financial corporations, banks, NBFCs, Fintech or emerging Fintech companies. InDigize is also helpful for any team that is associated with the automation of processes. Perfios primarily deals with the CTOs, Chief Digital Officers, Chief Risk Officers and digital innovation team, the product team and the credit team.

However, reality struck the young entrepreneur hard once he entered the formal credit market, seeking capital for the startup. In the absence of an impressive credit score, substantial job experience, or mortgageable assets at his disposal, none of the lenders were ready to underwrite his project. Vivek has inculcated a healthy investment habit, maintains strict e-commerce discipline, files his returns on time, and pays the utility bills regularly. Nevertheless, if only those records could have facilitated access to the credit that he desperately needed to hit the ground running with his idea!

Productive Output for Potential Organizations

Today, investing heavily in automated scanning is not something that many companies have been able to do successfully. There are many upcoming solutions on this software, but not many have executed them effectively. For example, with a standalone OCR, the efficiency output is approximately 60% unless an efficient team in the back-end carries out the verification. With InDigize, Perfios aims to increase accuracy and reduce turnaround time to around 60 minutes with very much reduced manual intervention.   

Capabilities for Every Document Type

Doing away with complex procedures, most banks or financial institutions wish to adopt a standardized and generic solution that will fix all their problems at once. Perfios has carefully reviewed all these problem areas and implements solutions that make its products generic while catering to various aspects. InDigize is easy to understand and can be executed seamlessly with the expertise provided by Perfios. 

While documents like bank summaries, financial statements, salary slips, GST statements are distinctively different from one another, InDigize is a solution for all of these. For example, today, every underwriter or decision-maker, or Relationship Manager, spends time putting all data points in a format that is institution and product-specific. Teams spend time scanning and analyzing each document, making it a lengthy procedure, approximately 48 hours. But with InDigize,  the same job gets complete in 60 minutes with better accuracy and reduced efforts, thus boosting productivity and decision-making.

Perfios, as always, goes the extra mile to provide a customized workflow solution that will optimize the processing capabilities for the document type with a particular focus on accuracy. Intrinsic learning, advanced technology and years of continuous research have gone into making this automated scanning software.

InDigize Functionality 

Digitization doesn't only mean OCR. Accurate solutions are required to study and analyze insights that aid in decision-making. The software implements multiple solutions that are heuristic-based and also ML-based across a variety of formats. Perfios takes the responsibility of converting it into a canonical form or standard form, which is easier for analysis. 

Standardization is a key in transactions that one processes. So, whether it is an e-statement or an online fetch or scanned, the same level of accuracy needs to be achieved, which Perfios is constantly striving to provide through all its products, including InDigize. 

InDigize Uniqueness 

Today, a lot of banks and NBFCS are focusing on digital onboarding or digital journeys. However, many banks functioning in Tier 2 and Tier 3 cities are still dealing with bulky paperwork, which means that when a client comes to the bank, there is someone behind the desk doing the manual underwriting job. Also, while applying for loans, several documents need to be submitted in multiple formats; banks then digitally scan these documents. They do not necessarily convert these documents into machine-readable texts. From that point on, the document has to be processed to understand the creditworthiness of the individual. Fraud checks are conducted along with salary analysis, checking salary slips, cross-verification of salary being credited as per the income tax document, subsequently matching PF details, and many more. 

With InDigize, Perfios aims to directly fetch PDF format statements from clients and strike a balance between digitization and manual intervention.   

Privacy and Design 

Privacy and security are at the heart of every product of Perfios, and Perfios Automation Engine design is no different. Borrowers are customers of lenders who use the Perfios data platform. As a design principle, Perfios does not store Personally Identifiable Information (PII) or account information; and are independently audited by PwC, Deloitte, TUV-SUD, who are the global leaders in security assessment and certification. 

Perfios is also an ISO 27001-2013 certified and audited Paladion: PLYNT Certified Application four times a year. Trust Guard runs 46,000 tests daily at Perfios environment, and in addition, their clients run audits on Perfios systems as part of their due diligence. 

Features - At a Glance

The vast suite of document support. – BSA, FSA, GST, ITR forms, Invoice, Salary Slip, Passbooks.

● Formats supported: JPEG, PNG, TIFF, Dot-matrix, and images.

● Multi-Language documents supported.

● Support all quality of documents.

● Validation through ML-based curation.

● Managed Service

● Customizable outputs

● Ready to consume

● Automated workflow

● Cloud-based solutions

● Multi Geographies supported

About Perfios Software Solutions

Perfios Software Solutions Pvt Ltd. is a 12-year-old product technology company lauded for helping organizations deal with vast amounts of unstructured data to automate their decision-making process. Their core expertise being in the financial sector, Perfios serves more than 200 lenders, including the top 10 banks and most of the NBFCs and Fintechs. 

After seeing unprecedented success in India, they have gone global. Their ML algorithm is customizable to map with statement formats of any country and helps data decision-making easy. The process of curation, categorization and analysis of data is tailor-made to the requirements and regulations of each region. Currently, Perfios serves more than 735 institutions customers across 18 countries.

safe and secure

Perfios is Information Security Management Certified (ISO 27001) Perfios is Security Certified for Applications (Plynt) Security Seals Certified Seal Privacy Seals Business Seals