Sikoia Launches Breakthrough AI-Solution Automating Customer Document Processing

Fintech startup Sikoia has officially launched its newest AI-powered document processing solution that automating over 75% of the labour-intensive tasks involved in handling customer-supplied documents, particularly during crucial onboarding processes.

Financial service providers rely on accurate, verified customer data to make decisions. While many of them strive to deliver swift initial decisions, the subsequent verification of customer data within documents often proves to be a bottleneck, causing delays and frustration for both customers and financial services providers.

Sikoia specialises in helping financial services providers automate key part of their customer verification processes. It offers a full suite of solutions that can seamlessly integrate in any systems, whether it’s client-facing portal, origination systems, CRM or other decisioning tool.

The latest addition to Sikoia’s capabilities enables lenders and intermediaries to automatically extract verified insights from a variety of customer documents, such as bank statements, payslips and tax returns. These insights include automated verification checks covering affordability, income, employer, risk indicators, and more, catering to a wide range of use cases including consumer lending, credit cards, and mortgages.

Key benefits of the solution include:

• ‍Reduce customer application processing time: Provide instant feedback and insights upon document submission to minimise delays and eliminate unnecessary back-and-forth interactions‍
• Achieve a 75% reduction in costs compared to manual processes: by slashing document handling from hours to minutes and ensuring consistent decisions, institutions can unlock substantial savings‍
• Mitigate operational and regulatory risks by using verified data extracted directly from the sources and generate essential flags and risk indicators.

“Verifying unstructured customer data is time consuming, especially in more complex scenarios: a trained back-office team may take hours assess and evaluate all the data, assuming they have it in the first place,” said Sikoia Founder and CEO, Alexis Rog.

“Our solution is architected to prioritise accuracy, giving companies the confidence to automate their processes. Our clients are able to reduce their application turnaround times by more than 75%, which at scale can enable savings upwards of a million annually for a mid-sized financial institution.”