To process loan applications, consumer lending companies rely on information in the applicant’s salary slips. It’s essential to accurately identify and understand pertinent data related to income and deductions to arrive at judicious lending decisions.
Here, the principal challenge is to tackle the diversity of payslips—their layout, format, and terminology vary significantly across companies. Manual data extraction from such documents is error-prone, cumbersome, and time-consuming.
The inefficient process is thus unsuitable for financial institutions handling thousands of applications every day.
Modernising salary slip processing is imperative to capitalise on the ever-growing personal credit requirements. Financial businesses need transformational approaches to fulfil market expectations and achieve higher efficiency, profitability, and market share.