Sam Bobley was 22 when he started Ocrolus in his parent’s kitchen.  Now, the company has expanded to four offices and over one thousand employees.  His company is streamlining data collection processes across the financial world.  Ocrolus uses machine learning technology to read and extract desired data from paper documents, with a heavy focus on the lending.

How It Works

Ocrolus takes initial documents, such as bank statements, pay stubs, tax documents, mortgage forms, etc., and analyzes them to produce a clear, organized output of financial information.  The best part?  Ocrolus is accurate over 99% of the time.  The accuracy is largely due to a “human-in-the-loop” validation engine, which involves human action to verify the data.  Since Ocrolus is “machine learning”, it gets smarter every time it processes data.

Impact

Bobley’s ingenious business has impacted users of financial data worldwide.  His image recognition software is used by banks, accounting firms, law firms, online lenders, and government entities.  Ocrolus is completely changing the loan underwriting process.  In the past, lenders had to forgo accuracy and thoroughness in order to save time.  Now, with the new technology, it is possible to retrieve all the data from a financial document faster than ever before.  Creditworthiness is now calculated with more factors, which allows lenders to better understand their clients and create credit models that are more representative of said clients.

Future Plans

Bobley has big plans for the future of the company.  He recently authored a patent application for the technology.  In an interview, Bobley states that Ocrolus is “beginning to pursue new opportunities more aggressively”.  This includes going into the realm of online account openings for financial institutions or gambling centers.  He also talks about setting up Robotic Process Automation, a process in which the current technology handling inputs would “hand off” the outputs to robots who could read and understand them.  Sam Bobley’s entrepreneurial actions have propelled his company to the top of its field.  If he continues to show such exemplary leadership characteristics, he will continue to succeed in his ventures.