The automobile industry is experiencing a surge in demand for personal mobility as consumers will move away from public transportation fearing coronavirus infection. The demand for pre-owned cars is seeing an uptick and grown over 200% due to Covid. Many consumers that use buses and trains, affordability will be an issue and will turn to financial institutions for pre-owned car loans.

For consumers that use buses and trains, affordability will be an issue and will turn to financial institutions for two-wheeler loans.The loan processing can last for days if bank staff is required to review and verify the data from loan documents manually.

The loan processing can last for days if bank staff are required to review and verify the data from loan documents manually. For financial institutions, it would be imperative to speed up every step of the loan processing and reduce physical touchpoints. Ability to quickly extract and validate consumer information from loan documents such as application form, KYC documents, Bank Statements, Income proof etc. is crucial.