Envestnet | Yodlee Taps Ocrolus for Financial Document Automation

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

Below the settlement, Envestnet | Yodlee will leverage Ocrolus’ expertise to boost 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 can even have the ability to automate the extraction of economic knowledge from the paperwork that the tip client uploads.

“Whereas the monetary companies business has undergone important 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 offer a extra complete and smoother buyer expertise throughout quite a lot of monetary companies use circumstances.”

New York-based Ocrolus leverages AI to seize and analyze knowledge from 1,000 several types of paperwork and digital types and boasts an accuracy fee 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 revenue, and streamline choices.

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 circumstances,” defined firm Chief Working Officer Arun Anur.

Envestnet | Yodlee’s shopper record contains greater than 1,300 monetary companies and fintech corporations, 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 generally is a big headache. Nonetheless, automation platforms similar to Ocrolus, this course of has grow to be a lot smoother. In the present day’s collaboration between Envestnet | Yodlee and Ocrolus marks a major step ahead in enhancing the client expertise.