What is Intelligent Document Processing?
Businesses in today’s digital age are constantly seeking ways to improve efficiency through streamlined operations. Effective document management plays a crucial role in enhancing organizational productivity. Document processing has progressed over time, transitioning from manual methods to digital storage, and now incorporating advanced technologies such as Intelligent Document Processing (IDP). IDP has become a viable […]
Streamlining Efficiency: The Impact of Document Automation on Operational Costs for Lenders
In the fast-paced lending industry, efficiency and cost-effectiveness are paramount for maintaining competitiveness. Document automation emerges as a game-changer, offering lenders a potent tool to streamline operations, enhance accuracy, and trim expenses. Let’s explore how document automation reshapes the lending landscape, yielding significant cost savings for financial institutions.
Understanding OCR: How it Works and Its Applications
In the digital landscape, where bytes replace paper, Optical Character Recognition (OCR) emerges as a transformative force, converting images of words into editable text. This sophisticated digital tool acts as a linguistic wizard, extracting valuable data from scanned documents, camera images, and image-only PDFs, effortlessly eliminating the manual data entry struggle. OCR exceeds being merely […]
Automating Bank Statements for Precision and Efficiency
In the ever-evolving financial landscape, precision and efficiency take center stage. Financial institutions, driven by the pursuit of streamlined operations and error reduction, have embraced automation. This has fueled the continued growth of automated bank statement processing, revealing the progressive role of cutting-edge automated data capture solutions that result in time savings, unparalleled accuracy, and […]
Artificial Intelligence In Lending
AI has revolutionized industries, including finance. It’s a powerful tool that can analyze data and find patterns. Financial institutions now rely on AI for customer service, risk management, and investment decisions. This article explores how AI is transforming lending – how it enhances efficiency, accuracy, and decision-making. AI is reshaping the way financial institutions operate, […]
MonJa Elevating Financial Security with AI-Powered Fraud Detection
MonJa is pleased to announce the release of an innovative fraud detection feature, engineered to significantly enhance OCR document automation for lenders, brokers and financial institutions. Leveraging artificial intelligence and machine learning, this sophisticated feature addresses critical aspects of fraud detection. A Quantum Leap in Financial Security MonJa’s new fraud detection feature, automatically zeroes in […]
How to Detect Fake Bank Statements
Due to the rise of unemployment after the pandemic, some businesses and individuals have become desperate to misrepresent their finances. DIRO’s report reveals a sharp rise in the usage of altered bank statements from 15% to 29% in September 2020, with a staggering 25% of applications going undetected. The 2022 Breach Report Data reveals that […]
Online Lending Monthly News – June 2023
Online Lending Monthly News. Here are some of the top stories and trends of May 2023 for online lending investors and industry watchers. Industry News 5/1/2023 Crypto Usage Rises Across Argentina, Despite The Anti-Crypto IMF Deal (Forbes) 5/1/2023 Apple’s New Savings Account Draws Nearly $1 Billion In Deposits In First Four Days (Forbes) 5/3/2023 Fintech to […]
MonJa’s Digital Banking and Lending Monthly Roundup | May 2023
7 Minute Read MonJa’s Digital Banking and Lending Monthly Roundup – Why Subscribe? Digital banking and lending are evolving rapidly. Recent fintech-banking partnerships and innovation in technology with the introduction of AI, ML and blockchain herald a new era in lending. Fintech’s are changing the competitive ecosystem, empowering lenders to process loans faster and smarter. […]
Online Lending Monthly News – May 2023
Here are some of the top stories and trends of April 2023 for marketplace lending investors and industry watchers: Industry News4/3/2023 Micro-investing fintech Acorns has acquired child and teen-focused digital banking startup GoHenry to fuel an expansion into Europe (CNBC) 4/3/2023 US digital lender Presta raises $3.3m to fund expansion (p2pfinancenews) 4/4/2023 Could a digital […]