3x increase in ARR over the prior year, new Credit Analytics™ features and AI-powered bank statement automation enable businesses to approve more customers
SAN FRANCISCO, September 14, 2022 /PRNewswire/ — Inscribe, the award-winning fraud detection and document automation platform, today announced that it has launched new features to help the financial services industry meet demands for better management risks and faster customer approvals. Outdated and inefficient processes currently in use companies on hold from one to six months to hear about loan applications, while millions of consumers with no credit score have no access to financial products at all. But forward-thinking companies are addressing the need for data-driven risk management with AI-powered fraud detection, document automation and credit analytics.
“Whether applying for a loan, opening a line of credit or dealing with wrong credit score due to a computer coding error, we have all suffered from unfair or inefficient processes in our interactions with financial institutions,” said Ronan Burk, co-founder and CEO of Inscribe. “Inscribe’s tremendous growth in 2022 has allowed us to continue our mission of building a fair and efficient financial services ecosystem, and the new Credit Analytics™ and Bank Statement Automation features powered by the IA we just released gives businesses instant access to the vast amount of financial data contained in documents so they can make faster and more inclusive lending decisions.”
In the past, risk and operations teams had to spend more than 30 minutes to review a single application document for information. New Credit Analysis Snapshots™ and Inscribe’s advanced automation features provide insight into the important data points needed to make confident lending decisions, including bank statement cash flow details, transaction analysis, and analytics. pay stubs. Unlike other solutions currently on the market which can take up to 4 hours, Inscribe accurately extracts and returns key details (names, addresses, dates, transactions, salary) in just seconds.
Fast-growing fintechs in lending, corporate cards, and financial automation have already adopted these features:
“Reviewing bank statements is a crucial step for us to determine a candidate’s creditworthiness. But it requires a lot of manual effort from our team to verify income, understand expenses, research transactions to high risk, etc.”, said Anurag Puranik, head of credit and risk at Coast. “Inscribe’s credit analytics feature mimics the same heuristics my team uses and delivers these key cash flow data points almost instantly. better credit decisions.”
“One of our competitive advantages at Ramp is speed. As the fastest growing business card in America, we are looking for products and services that can keep pace with us and help us accelerate growth” , said Karim Atiyeh, co-founder and CTO at Ramp. “In the process of automating our underwriting, we found that a significant percentage of our applicants were still uploading bank statements. Inscribe’s transaction analytics were key to automating the application review process.”
“Inscribe’s pay stub analysis was amazing,” said Sara Vozeolas, Sr. Operations Analyst at VIVA Finance. “The fact that we don’t have to ask our internal agents to withdraw net salary or annualize income greatly reduces the risk of human error and frees up their time. It has really improved our efficiency. We have been able to reduce the amount of time it takes us to give applicants a 50% loan decision.”
With these new features, Inscribe customers can respond to business and consumer requests for near-instant approvals while protecting against fraud and credit loss down the line. The announcement comes amid Inscribe’s rapid growth in 2022: the company outpaced a 3x YoY increase in Annual Recurring Revenue (ARR) and a 4x YoY increase in documents processed each year. month.
Businesses using Inscribe can give their customers faster approvals while save thousands of man hours and millions of dollars in losses due to fraud every year. In 2022, Inscribe also announced a partnership with Lendflow and was listed on the 2022 IAfintech100 and SaaS Pricing lists. To learn more about Inscribe’s fraud detection and risk management solutions, visit www.inscribe.ai.
Inscribe’s award-winning technology is the most efficient way for fintechs and financial services organizations to automate their manual reviews, reduce fraud losses, and increase decision accuracy. By automating document reviews and improving fraud detection, companies can increase efficiency and reduce operational costs. Founded in 2017, Inscribe is trusted by leading companies like BlueVine, Petal, Fair, and Ramp. Inscribe is backed by Y Combinator, Uncork Capital, Crosslink Capital and Foundry Group, and has a presence in the United States and Europe. Learn more about registration.ai.