Banking and financial institutions review thousands of credit applications per week. The credit approval process requires financial organizations to invest time and resources in reviewing documents like W2s, bank statements, and utility bills. The overall experience can be costly for the organization. At the same time, organizations have to consider borrowers, who are waiting for decisions on their credit applications. To retain customers, organizations need to process borrower applications quickly with low turnaround times.
With an automated credit approval assistant using machine learning, financial organizations can expedite the process, reduce cost, and provide better customer experience with faster decisions. Banks and Fintechs can build a virtual agent that can review a customer’s financial documents and provide a decision instantly. Building an effective credit approval process not only improves the customer experience, but also lowers the cost.
In this post, we show how to build a virtual credit approval assistant that reviews

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