Case Study: PayU achieves 97% accurate loan application data extraction with Docsumo

PayU automates loan application data capture with Docsumo, reaching 97% accuracy

PayU, a multinational fintech company, faced a significant challenge in manually processing over 100,000 monthly loan applications for income and identity verification. A large team of underwriters was spending 45-60 minutes per application to scan through more than 100 different bank statement templates. To address this, PayU partnered with Docsumo to automate its data capture process.

By integrating Docsumo’s APIs and rule-based engine, PayU automated the ingestion and data extraction from financial documents like bank statements and various identity cards. The solution provided by Docsumo applied contextual validation and correction algorithms, achieving 97% data extraction accuracy. This automation saved PayU thousands of man-hours monthly and enabled the company to process millions of retail loans for its customers annually.

PayU