Loans in seconds! AI slashes document processing time in the Philippines

Document types mindox AI reads

The Philippines thrives on the hustle of its Micro, Small, and Medium Enterprises (MSMEs). These powerhouses make up a whopping 99.5% of businesses, employ over 60% of the workforce, and drive a significant chunk of the GDP (35.7%).

But here’s the catch: 15% of these businesses are underserved, especially when it comes to financial services. Securing a loan, crucial for growth, can be a slow and frustrating process, often taking weeks or even months. Imagine waiting 8 weeks for a loan, just to get your business started. This is the reality for many first-time borrowers. Even repeat customers face a 4-week wait, with the fastest approvals taking at least 2 weeks.

A big reason for the delay? It can be manual paperwork. Verifying documents like bank statements and financial statements can take days.

mindox is here to change the game

Crafted with the Philippine financial sector in mind, mindox stands out as a pioneering Intelligent Document Processing (IDP) solution. Its development by AND Global, a Singapore-based fintech leader, combines advanced technology with deep financial acumen to empower Filipino businesses towards success.

This innovative platform leverages artificial intelligence (AI) to cut document processing time down to a fraction of what it used to be. This refers to days slashed to just 50 seconds for bank statements and even 5 seconds for general one-pager documents like Barangay Business clearances. It means faster access to funding, allowing you to capitalize on opportunities and grow your business swiftly. 

Besides the long wait, traditional manual approaches to processing can be overwhelmed by the sheer quantity of information, leading to delays, errors, and increased operational costs. mindox, however, eliminates this risk factor by utilizing AI technology that learns and improves over time ensuring a fair and accurate assessment of every loan application, effortlessly managing massive document volumes through its automated capabilities.

This will surely give advantage for your company against your competitors as it will allow you to analyze documents faster and have the available information ready to make the most informed business decisions ever.

The benefits of automation with mindox are twofold:

  • Faster turnover of documents which maximizes the potential number of deals (clients) to be processed (handled) at a given time
  • Increased revenue (more offers sent = more clients acquired)

Result? More time, more revenue, and an automated process that saves people from frustration.

mindox is at the forefront of technology with its proprietary AI technology, which enhances document workflows through:

  • A Human-in-the-Loop (HITL) system, ensuring data integrity.
  • Modern tech in mind that everyone use API first approach 
  • Transformative analytics, turning raw data into actionable insights for informed decision-making.
  • Global scalability, meeting the ever-changing demands of the international financial market.

Prioritizing customer relationships and delivering exceptional service is essential for businesses to thrive in a competitive environment. By leveraging mindox’s innovative solutions, businesses can streamline processes, empower their teams, and ultimately create a winning formula for success by building strong relationships and exceeding customer expectations.

Experience the future of document processing

Read more: https://technology.inquirer.net/132775/ai-fast-tracks-loans-for-filipino-businesses#ixzz8ULRnxGPQ