Fintelite Presents OCR-Based Platform to Help Digitize and Analyze Financial Documents

Fintelite is here to increase awareness of business people in Indonesia regarding the potential of financial data that is unstructured and has not been utilized optimally. Co-Founder and CEO Nadia Amalia reveals her mission to explore hidden value in financial data through Optical Character Recognition (OCR) and analytical visualization.

Not many people know, Fintelite houses financial SaaS products, one of which is Sribuu which is known as a financial recording platform for the individual segment. The difference is, Fintelite handles the B2B segment by offering data automation end-to-end.

Last time Sribuu was recorded as pocketing pre-start funding from BEENEXT and a number of angel investors in September 2021. Currently, Sribuu has more than half a million users. Sribuu is also a graduate of the Y Combinator program and Sequoia Sparks.

Solutions and theses

In an interview with DailySocial.id, Nadia revealed several problems that she wanted to solve through this solution. According to him, business people often find it difficult to manage large amounts of unstructured financial data. This results in data inaccuracies, time-consuming manual data entry processes, and difficulties in extracting data insight worth.

"Fintelite solutions transform raw data into insight structured and actionable, making it easy to track individual spending, or undertakings due diligence for the company. Fintelite enables more precise financial decisions and more efficient operations," said Nadia.

Fintelite offers solutions for enriching financial data and OCR that functions to automate data extraction and cleaning processes.

This solution is said to be superior in carrying out efficient data management. For example, digitize documents in seconds, extract essential data for automation from manual input, enrich data with insight intelligent, to collect them in one medium.

Apart from helping with digital data input and document automation processes, this platform is equipped with an AI-based analytical dashboard that can accelerate the process underwriting and more user segmentation customized.

"Business people in the financial industry rely on our platform to simplify data analysis, encourage decision making, and optimize their strategies. The banking industry, including digital banks, utilizes our solutions to speed up the underwriting process, reduce risk, and provide a better customer experience," said Nadia.

It claims its financial partners are able to reduce the time to process guarantees from several hours to a few minutes. In addition, partners can also increase their level upselling up to 10x.

A startup that has a solution almost similar to this is Konvergen.ai, which now has acquired by Datasaur. The Konvergen.ai solution is also widely used by financial institutions to streamline administrative processes, in this case helping the process of digitizing documents that are still in paper form. Some of their users include BCA group, Taralite, and Ovo.

Sustainable growth

Last year, Fintelite was faced with changes in consumer behavior that pushed it to better understand customer needs. This approach helped drive the development of OCR and tools analytics--designed to simplify business processes and enable companies to operate more efficiently.

This year, Fintelite said it would focus on a sustainable business model to face market uncertainty. Fintelite saw company revenue grow 10x compared to the previous quarter. Apart from that, said Nadia, Fintelite is expanding its business scope to Singapore this year.

"We need to deeply understand customer needs, investing a lot of time interacting with customers to improve the product. We want to ensure our product not only meets their needs, but reflects their willingness to pay." The lid.