Our client is a fintech provider at the forefront of the open-banking movement in South Africa.
Their customers, typically banks and other financial services providers, utilize the platform
to access customers’ banking information in a secure and reliable way. Additionally, the platform
assists financial services providers through superior analytics capabilities to gain insight into
banking transactions thus empowering their customers to make smarter decisions.
The client's customers regularly conduct affordability and credit assessments on their customers based
on banking transactions. A major component of these assessments is identifying an applicant’s
salary accurately in order to understand the composition and regularity of income.
Bank transactions are unique to each individual and descriptions contain text which is difficult to
analyse using traditional statistical techniques. Therefore, trained staff had to manually identify
these transactions in banking statements. This process is time consuming and rife with errors even
with highly trained staff.
The end result is that customers have to wait longer to get feedback resulting in poorer service.
Moreover, the variability in the process may lead to less accurate assessments leading either to
potential losses by the company or unnecessarily limiting customers’ opportunities for financial
Elucidate developed a series of models to identify salary items in bank transactions involving
cutting edge Natural Language Processing (NLP) techniques in order to understand text descriptions
and consider consumer’s bank transactions more holistically. The system learns and improves over
time and is becoming more effective as it sees more transactions. The system is able to respond in
real-time and provide reliable results far surpassing human performance.
Clients are able to automate salary identification in affordability and credit assessments. At
over 99% accuracy, this is done far more accurately than in the past. This results in superior and
faster service to customers, significant time and cost savings for the financial service provider and
leads to smarter more accurate assessments.
1. Over 99% accuracy
2. Surpass human expert performance
3. Less than 0.8 seconds response time
4. Automate processes previously considered not automatable