Question: I need a solution that can digitally collect income and identity data for faster loan approvals.

If you need a way to digitally harvest income and identity data to speed up loan processing, Ocrolus could be a good option. This Document AI platform uses artificial intelligence to categorize, extract and analyze financial documents in detail, so lenders can assess risk and detect fraud. It can extract data from bank statements, paystubs and W2s to get a better picture of cash flow and income, which is particularly useful for small business lending and consumer lending.

Another contender is Conductiv, an AI lending platform that fills in the gaps in data to make lending more accurate and efficient. It gathers a broad range of data points, including wages, adjusted gross income and payment history, without storing PII. The platform is designed to improve lending by providing faster manual approvals and more auto approvals through rules-based systems, and it integrates with existing systems like MeridianLink.

If you need strong identity verification, check out Onfido, an AI-powered digital identity solution that automates customer onboarding and ensures global KYC and AML compliance. Its Smart Capture SDK and Global Verification Suite offer a user-friendly and secure experience, making it a good option for companies that want to onboard customers quickly and reduce the risk of identity fraud.

Also worth a look is Alloy, an identity data orchestration platform that handles identity verification, AML monitoring and fraud prevention across the customer lifecycle. It automates and orchestrates onboarding, fraud and AML monitoring and credit underwriting decisions, so companies can offer financial products quickly and securely. The platform is designed to be easy to use and offers customizable risk management strategies through its network of more than 200 data sources.