Transforming Auxilo’s Education Loan Processing with Glib.ai’s Intelligent Document Processing (IDP)

Client Overview & Impact

Auxilo Finserve Pvt. Ltd. is an innovative, new-age Non-Banking Financial Company (NBFC) specializing in providing fast and flexible education loans. With a focus on empowering students and institutions with financial solutions, Auxilo handles a high volume of document-intensive transactions to ensure timely loan approvals and disbursements. However, with manual document processing methods limiting operational efficiency, Auxilo sought an advanced solution to streamline its processes and improve turnaround time (TAT).

Business Challenges

Auxilo faced several challenges that hindered its ability to scale efficiently and maintain quick loan processing.

Manual Document Splitting and Data Extraction

• A team of 25-30 full-time employees (FTEs) was dedicated to document splitting and data extraction, handling approximately 2000 transactions per cycle.
• This manual effort consumed significant time and resources and introduced variability in processing quality.

Prolonged Turnaround Time (TAT)

• The manual, end-to-end document handling process took 6 hours on average for each transaction, impacting the speed of loan sanctions and customer satisfaction.
• The primary bottleneck was the initial document splitting phase, where unstructured documents needed to be organized and prepared for data extraction—a time-consuming task.

File Arrangement Issues

• Documents were often submitted in various formats and with differing structures, complicating the document splitting process and adding delays to the overall workflow.

Glib.ai’s Solution: Automating Document Processing for Enhanced Efficiency

Glib.ai deployed a comprehensive Intelligent Document Processing (IDP) solution tailored to Auxilo’s needs, integrating automation and machine learning capabilities to accelerate document handling, enhance accuracy, and reduce manual intervention.

Solution Components

1. Automated Document Identification and Splitting

• Utilized Glib.ai’s IDP technology to automatically identify and segment different document types within each submission, eliminating the need for manual sorting and preparation.
• Implemented AI algorithms capable of recognizing complex file structures, streamlining the initial processing phase and reducing errors.

2. Advanced Data Extraction and Human-in-the-Loop (HILT) Interface

• Automated the extraction of essential data points from documents such as application forms, financial statements, and KYC documents.
• Integrated a Human-in-the-Loop (HILT) system to oversee and correct data discrepancies when necessary, ensuring continuous learning and maintaining high accuracy levels.

3. Seamless Journey Initiation

• Enabled a digital journey that commenced as soon as customers uploaded their documents, with automated checks running in the background for document completeness and accuracy.

4. Compliance and Data Security

• Deployed an on-premise solution that adhered to data protection regulations, ensuring that sensitive information was securely processed in compliance with industry standards.

Solution Workflow Diagram

Detailed Workflow:

1. Customer Uploads Documents – Clients submit their documents digitally via Auxilo’s secure portal.
2. Automated Identification & Splitting – IDP technology categorizes and segments documents for streamlined processing.
3. Data Extraction & Validation – Automated data extraction is validated through HILT for enhanced accuracy.
4. Completeness Check – Documents are checked for completeness, ensuring all necessary data is present before proceeding.
5. Loan Workflow Initiation – Extracted data is passed to the loan processing team for further action, expediting the decision-making process.

Results and Impact

The implementation of Glib.ai’s solution delivered significant benefits and measurable improvements for Auxilo’s operations:

Dramatic Reduction in TAT

• Document processing time was reduced from 6 hours to less than 20 minutes, representing an over 95% decrease in turnaround time.
• This acceleration allowed Auxilo to provide faster loan sanctions, enhancing their value proposition to customers.

Substantial Manual Effort Reduction

• The automated solution minimized reliance on manual labor, allowing Auxilo to redeploy its team of 25-30 FTEs to higher-value tasks such as customer engagement and strategic initiatives.

Enhanced Data Accuracy and Efficiency

• Automated data extraction ensured a consistent and accurate process, supported by the HILT system, which maintained overall accuracy at above 98%.

Improved Customer Experience

• The streamlined process enabled faster response times and quicker loan approvals, significantly boosting customer satisfaction and trust.

Operational Scalability

• The new system provided Auxilo with the capacity to handle higher transaction volumes efficiently, positioning them for future growth without proportional increases in manual labor or operational costs.

Quantitative Impact Summary

Conclusion

Glib.ai’s Intelligent Document Processing solution empowered Auxilo Finserve to transform its education loan processing operations. By automating document identification, splitting, and data extraction, Glib.ai significantly reduced turnaround times, enhanced data accuracy, and allowed Auxilo to scale operations while maintaining compliance and data security.

This transformation has solidified Auxilo’s position as a leader in the education loan space, offering unparalleled service and speed in the NBFC sector.