How Inscribe’s document parsing helps underwriters reduce application abuse
In the intricate landscape of financial underwriting, whether it's for an individual or a business, traditional methods of evaluating creditworthiness often fall short of providing a comprehensive picture.
Bank statements and transaction data, commonly used to assess financial health, typically encompass only 3-6 months' worth of information. Similarly, tax returns, while informative, only offer a slice of the financial story. For underwriting and risk teams, who are tasked with making pivotal decisions on loan approvals, this presents a challenge. The quest for a truly accurate assessment of an applicant's creditworthiness necessitates a more holistic approach, leveraging multiple data sources to paint a full financial portrait.
Understanding the depth and nuance of an applicant's financial situation becomes increasingly critical as the loan amount escalates. Herein lies the value of Inscribe, a pioneer in document parsing and Risk Intelligence. Inscribe empowers underwriters by enabling the integration of both bank statement data and tax return information, thereby de-risking lending decisions.
Why tax statements and bank statements provide the most accurate view of financial health
Tax returns are instrumental in providing a longitudinal view of income and expenditure, offering insights into financial trends over time. Conversely, bank statements allow for a granular analysis of recent financial activities. This dual approach is particularly beneficial for understanding businesses with seasonal variations. A mere glance at a few months of bank statements might obscure the full financial performance of such businesses, whereas tax returns reveal the revenue trends over a longer period, offering a clearer view of the business's viability.
The traditional reliance on tax returns for credit assessment, however, has been marred by inefficient, manual processes. Underwriters often find themselves ensnared in the laborious task of extracting data from PDFs, a process that is not only time-consuming but also prone to errors. Inscribe's innovative solution transforms this arduous task into a seamless and accurate process. Our web application allows for the effortless visualization of this critical data, enhancing the underwriting process with clear, actionable insights. Furthermore, Inscribe's API facilitates the direct integration of tax return data into existing platforms, significantly accelerating the underwriting process and streamlining lending operations.
Efficient, reliable lending decisions — powered by Inscribe
For Chief Underwriting Officers, VPs of Credit, and other leaders in risk, the imperative to make informed, data-driven decisions cannot be overstated. Inscribe's suite of tools and services offers a robust solution, enabling a comprehensive, efficient, and accurate assessment of creditworthiness. By harnessing the power of advanced document parsing and leveraging a broad spectrum of financial data, Inscribe not only enhances the precision of credit and fraud intelligence but also propels the lending industry forward into a new era of efficiency and reliability.
In the rapidly evolving financial landscape, the ability to swiftly and accurately assess an applicant's financial health is paramount. Inscribe stands at the forefront of this revolution, offering a beacon of innovation for underwriters and financial institutions. Through our technology, we are not just simplifying processes; we are redefining the standards of financial due diligence and risk management, empowering our partners to make decisions with confidence and precision. Join us in this journey towards a more transparent, accurate, and efficient financial future.
Want to see our state-of-the-art document parsing performance in action? Request a personalized demo with a member of our team.
