Decimal Factor Implements Digilytics™ RevEl Application Module: First of its Kind API Based Solution for Processing Bank Statements, Leveraging AI & Advanced OCR to Streamline UK Loan Origination Process

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London, Dec 9, 2020 - Digilytics AI today announced that Decimal Factor, an authorised SME lending intermediary for secured/unsecured loans, delivering common-sense decisions for small and medium businesses, has implemented Digilytics™ RevEL Application Module, an API based solution for processing bank statements. The solution leverages Digilytics™ RevELfor processing scanned documents and AccountScore for Open Banking interfaces and analytics. Revel uses advanced OCR and AI to extract data from bank statements, provide categorisations on the transaction data to make account information easy to use and to incorporate into customer decisions on income and affordability.  

Digilytics™ RevEL is a first of its kind product revolutionizing loan origination in the lending industry. The product is especially suited for lenders relying on intermediary-led distribution. It delivers significant productivity improvement and efficiency benefits using cutting edge AI technology- combining Computer Vision, Natural Language Processing and Machine Learning.

"I am pleased, that with Digilytics™ RevEl, Decimal Factor has broken new ground in its use of the latest extraction technology. We have developed a great partnership to leverage technology in providing real time insights while digitising the origination journey for our customers and colleagues. We look forward to a long and successful partnership with this innovative AI and analytics company," said Manoj Karkhanis, CEO, Decimal Factor.

About Digilytics™ RevEL

Digilytics™ RevEL is first of its kind, easy-to-use AI product for revenue growth. It is built on advanced AI technology, and radically improves the loan origination experience. Digilytics™ RevEl for financial services reduces time to offer for mortgage lenders. The product can be launched from an existing loan origination system, with bulk document upload and document classification into configured file structure. This reduces non-value adding manual tasks, augments decision making by providing granular visibility.

Digilytics™ RevEL has the capability to extract data from the document and map it onto relevant fields of Loan Origination System, perform data validation and annotation checks on the documents. Digilytics™ RevEl reduces the cost of origination and time to fund and improves intermediary/customer/colleague experience.

About Decimal Factor

Founded by Manoj Karkhanis in 2008, Decimal Factor’s goal is to make funding available to small businesses who are struggling to get business loans from high street banks. Today they have a successful track record of helping thousands of small & medium businesses grow through a range of cash flow products via secured and unsecured loans. Decimal Factor was founded as an Alternative Finance credit brokerage firm, just after the financial crisis and feeling for their pain and struggle a business had to go through to get business funding.

About AccountScore

AccountScore helps businesses to obtain and understand bank transaction data with complete flexibility. AccountScore is an analytics business based in London but with people in the USA and in India, which provides actionable insights and analytics on bank transaction data for our clients - typically banks and financial services companies who want to learn more about their customers, prospects, and applicants.

Where our clients already have bank transaction data we simply import the data and provide analytics through our dashboards or by API. Accounts can be analysed individually, or we can process multiple accounts with millions of transaction rows in a single import.

About Digilytics AI

Founded by Arindom Basu, the leadership of Digilytics is deeply rooted in leveraging disruptive technology to drive profitable business growth. With over 50 years of combined experience in technology-enabled change, the Digilytics leadership is focused on building a values-first firm that will stand the test of time. The leadership strongly believes in the ethos of enabling intelligence across the organization. Digilytics is headquartered in London and services lenders across the

Digilytics AI recently won the Financial Advisor Diversity in Finance Award for Product of the Year Category 2020, and are also shortlisted for the Mortgage Technology Provider of the Year, 2020 and the Fintech Champion of the year, Women in AI 2020.

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Digilytics™ RevEL is a trademark of Digilytics AI. All other trademarks cited herein are the property of their respective owners.

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