Case Study: Largest North America Based Alternate Lender Service Provider achieves 70% cost reduction with Nanonets

Automating data extraction from loan verification documents for a large Alternate Lender (AL) in North America

Largest North America Based Alternate Lender Service Provider, one of the largest online personal lenders in the United States with over $1 billion in personal loans, needed a secure way to automate customer verification document processing. Its team was manually extracting data from more than 100,000 cancelled cheques, W2s, and pay stubs each month, creating high costs, slow turnaround times, and frequent errors. The company needed a solution that could handle many document formats without relying on rigid templates.

Nanonets provided a custom-trained AI document extraction solution, trained on a few thousand customer samples and deployable on-premises via Docker so data stayed inside the lender’s infrastructure. By using the Nanonets UI, the customer sped up processing by over 10x, achieved 92% accuracy, and reduced costs by 70%.