As a $1 trillion industry, equipment finance is complex and fast-paced, demanding both efficiency and ironclad security. Statistics show a worrying trend: a 10% year-over-year increase in equipment finance fraud in 2023 and a 79% spike in document fraud in 2022. The stats are undeniable. Fraud tactics are constantly growing, leaving traditional methods of document verification and underwriting struggling to keep up.
Many lenders are hesitant to embrace automation, clinging to their familiar spreadsheets and endless email chains. Manual review processes, once considered the gold standard, are a well-known bottleneck. Meanwhile, customers expect the kind of instant access they get in every other facet of their lives, and they choose lenders that can provide a fast, user-friendly lending experience. The need for quick, accurate underwriting and fraud verification has never been greater.
This is where our Salesforce-powered loan origination system (LOS) and partner portal, Aurora, steps in. Built by industry veterans with decades of experience in technology and a deep understanding of the equipment finance industry, Aurora is changing the way lenders do business through automation, AI, and a user-friendly experience. With the ability to reduce credit turn times from days to a mere 3 minutes, Aurora provides a seamless experience for lenders, vendors, and borrowers from application to funding.
But we didn’t stop there. We’ve partnered with Ocrolus, a fintech leader in document fraud detection and data extraction solutions. This seamless integration between Aurora and Ocrolus creates a powerful tag team that addresses fraud and inefficiency head-on. No more manual document processing, no more errors or delays. Ocrolus’s AI-powered technology is accessible right within Aurora, simplifying the loan/lease origination process for everyone involved.
Streamlining the Loan/Lease Origination Process
Aurora’s core functionalities can move a credit application through underwriting and complete all the necessary documentation in under three minutes. It eliminates the tedious back-and-forth of traditional methods with:
- AI-powered application entry – Vendors no longer waste time re-entering data. AI streamlines the process, saving borrowers, vendors, and lenders valuable time while reducing errors.
- Touchless Service Automation –This innovative feature automates credit analysis, further streamlining the underwriting process. Manual tasks are minimized, freeing up your team to focus on more strategic initiatives
- Fraud360 – This comprehensive risk management tool spots potential fraud risks and provides a fraud scorecard that gives an overview of borrowers, personal guarantors, and even vendors.
Faster to Funding with Ocrolus + Aurora
By integrating with Ocrolus, Aurora adds an extra layer of efficiency and security. Let’s explore how Ocrolus enhances Aurora’s foundation.
- Effortless Document Upload – Borrowers enjoy a frictionless, user-friendly experience when uploading documents in Aurora’s authenticated Intake Portal. With just a few taps they can quickly upload any documents needed to satisfy credit stipulations.
- Enhanced Fraud Detection – Ocrolus Detect integrates seamlessly with Aurora Fraud360, adding an extra layer of security. With 90% of fraud invisible to the human eye, this AI- powered solution identifies tampered documents, anomalies, and inconsistencies that might slip past the human eye. Real-time alerts and authenticity scores empower you to make informed decisions quickly while protecting your portfolio.
- Intelligent Classification – Ocrolus Classify streamlines document handling by automatically categorizing multiple types of financial documents instantly and accurately, regardless of format. This AI-driven system, backed by human validation when needed, promptly notifies borrowers of missing or incorrect documents and presents extracted data in a user-friendly format, significantly reducing processing times and enhancing your team’s productivity.
- Data Driven Decisions – Ocrolus Analyze integrates with Aurora’s Touchless Service Automation to provide standardized data for better decision-making and enhanced risk modeling. This combination gives you a comprehensive financial overview, including insights into debt capacity and cash flow trends.
The Aurora-Ocrolus integration offers a multitude of benefits for equipment finance lenders. You’ll enjoy faster approvals, reduced fraud risk, and improved portfolio management while your borrowers experience a quicker application process and your vendor relationships become more collaborative and efficient.
At Northteq, we’re constantly innovating to keep Aurora equipped with the latest fintech advances. Our partnership with Ocrolus is a perfect example of how we’re combining deep industry expertise with advanced AI to address your unique challenges.
schedule demo
Ready to see how Northteq and Ocrolus can streamline your loan origination process and give you a competitive edge?
