
Malvern-based Entech, a digital consultancy, and New York-based Ocrolus, an artificial intelligence (AI)-powered data and analytics platform, recently formed a strategic partnership to transform the lending application process.
“Lenders today need speed, accuracy and integrated risk controls to remain competitive,” Angel Carra, Entech chief operations officer, said. “Through our strategic partnership with Ocrolus, we bring valuable efficiency gains to loan providers. Leveraging Ocrolus’s high-quality, AI-powered data extraction, our loan origination platform empowers lenders to process applications faster, reduce operational friction, mitigate risk and streamline the borrower’s experience with a seamless and reliable workflow.”
The companies will combine Entech’s loan origination platform and technology services with Ocrolus’ intelligent document processing technology. This will allow lenders to streamline its loan origination workflow by accelerating application reviews, automating manual steps and improving data accuracy.
Lenders receive more than 30,000 applications annually, and previously they needed reviewed manually. AI-driven document automation can be used for employment and income verification, improving the average document processing time by more than 60 percent.
The technology solution includes security controls to ensure end-to-end data integrity, fraud detection signals and robust error handling.
The companies plan to expand their partnership by creating workflows in the financial services industry, extending efficiencies across new product lines and introducing additional document types and automation capabilities.