The process of opening a bank account requires proper due diligence. The customer must provide a multitude of documents like ID or proof of address. While some documents are fairly standard, others can vary widely. Proof of address could be a utility bill from a large range of possible providers.
The validation of those documents’ data is still a lengthy, time consuming, and old fashioned process in a vast majority of banks, insurers, or financial organizations. FinTechs are taking this opportunity to attract a large percentage of the younger demographic who demand a fast and simple onboarding process.
DocDigitizer can extract the relevant information from ID documentation as well from less structured documents used for proof of address and source of funds like invoices or income/tax statements.
DocDigitizer can process information from our mobile app or via email and deliver structured data. This enables an effortless customer experience when opening a new bank account or applying for a loan online.
DocDigitizer has enabled banks and insurers to:
- Better compete with novel offers from FinTechs;
- Adjust to the expectations of millennials and Generation Z;