Perfios Processes Over 2 Million Financial Documents per Month Using Amazon Textract
Automating the Loan Origination Process with Data
“AWS AI and ML solutions makes it possible for Perfios to drive the financial evolution, giving people and businesses faster access to finance.”
Chief Operating Officer, Perfios
Reduces Scan Processing Time by 20%
Traditionally, lenders would scan loan application documents using handheld devices while an optical character recognition (OCR) software in the backend extracted the data for analysis. However, the OCR technology couldn’t read data stored in tables or scans in mixed and skewed orientations, which resulted in errors during the extraction process.
To address this, Perfios is using Amazon Textract to automatically extract data from various configurations accurately, including bank statements in more than 200 different formats. As a result, Perfios ensures that there are fewer inaccuracies and manual reconfigurations required—reducing the average scan processing time by 20 percent. “The consistency of Amazon Textract in the way it extracts the data is a key part of the efficiency gain because we avoid the need to rescan bank statements,” states Subramani.
Saves 12 Months on Algorithm Development
Processes Loan Applications in 35 Minutes
Serving a New Generation of Borrowers
Today, Perfios is serving more than 200 lenders, including the top 10 banks and numerous financial institutions and FinTechs in India. By using Amazon Textract, Perfios is processing 2 million financial document scans per month, with the number growing by 15 percent month on month.
India is seeing a new generation of borrowers who have a large digital footprint but no credit history. With Perfios, credit decisioning no longer needs to be subjective and lenders can make data-backed decisions.
Subramani concludes, “India is changing rapidly, and its citizens are becoming increasingly aspirational. AWS AI and ML solutions make it possible for Perfios to drive the financial evolution, giving people and businesses faster access to finance.”
Processes loan applications in 35 minutes
With ML on AWS, Perfios analyzes bank statements in more than 200 formats and processes loan applications in just 35 minutes. Perfios enables lenders to automate customer onboarding, decisioning, risk pricing, and fulfillment using its Data Analytics and Aggregation platform. The FinTech is using Amazon Textract to extract and categorize data from bank statements and Amazon SageMaker to score applications.
To learn more, visit aws.amazon.com/machine-learning.
Perfios is a one-stop shop for financial statement analysis, offering a range of software as a service solutions that extract, categorize, and analyze thousands of data types in real time. The company is headquartered in Bengaluru, India, with offices in Mumbai and New Delhi, India, and Kuala Lumpur, Malaysia.
- Processes loan applications in 35 minutes
- Meets data security and open banking requirements
- Extracts and categorizes data from scans 20% faster
- Analyzes bank statements in more than 200 formats
- Saves 12 months in algorithm development time
AWS Services Used
Amazon Textract is a machine learning (ML) service that uses OCR to automatically extract text, handwriting, and data from scanned documents such as PDFs.
Amazon SageMaker helps data scientists and developers to prepare, build, train, and deploy high-quality machine learning (ML) models quickly by bringing together a broad set of capabilities purpose-built for ML.
Amazon Aurora is a MySQL and PostgreSQL-compatible relational database built for the cloud that combines the performance and availability of traditional enterprise databases with the simplicity and cost-effectiveness of open source databases.
Amazon Virtual Private Cloud
Amazon Virtual Private Cloud (VPC) gives you complete control over your virtual networking environment, including resource placement, connectivity, and security.
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