Grasshopper Bank integrated digital business solutions provider Numerated into the bank’s platform to automate document processing and streamline underwriting in a deal announced last week.

The $700 million New York-based digital bank was looking to eliminate manual entry of client information to save time and reduce risk, Russell Jacobson, head of credit administration at Grasshopper Bank, told Bank Automation News.

The goal was to “automate and streamline this process, both in a visual way and a smooth way,” Jacobson said, and now what used to take 30 minutes to an hour to aggregate can be done in a matter of minutes.

Numerated’s financial spreading tool uses AI to enhance document processing through optical character recognition and accurate CRM and natural language processing to read through financial documents, Numerated’s President David O’Malley told BAN. The technology aggregates and analyzes financial data.

The integration

The bank is using one of Numerated’s three offerings, its automated digital underwriting, Jacobson told BAN, noting that since Grasshopper is using one tool, the integration was simple.

Numerated’s integration timeline depends on the institution and use cases. For example, financial institutions with modern, open architecture, open APIs and scalable platforms can be onboarded quickly, O’Malley said. Most clients can be up and running in 90 to 100 days.

Grasshopper was ready to use the technology within weeks and its team was fully trained in a matter of “a few sessions,” Jacobson said.