Ocrolus is a broad-based document processing software for financial service providers like accountants, auditors, banks, consultants etc. It uses a hybrid of OCR and human in the loop for document indexing and data extraction.
Ocrolus claims an accuracy of 99% for data extraction from just image based documents. However it uses human in the loop for data extraction.
Vaultedge is a pure-play automation software that provides a 95% accuracy out of the box.
The accuracy improves further as users review and provide feedback. This is made possible by using artificial intelligence that learns from users’ actions.
Ocrolus does not publicly disclose its implementation time. Whereas, Vaultedge can be implemented and used in production in just days.
Though Ocrolus is a general purpose document processing software, it has custom workflows built for mortgage industry needs. However, one needs to go through the extensive product guides to get hands on with the software.
Vaultedge offers a simpler interface that is optimized for mortgage industry - that lets users get started without undergoing extensive training sessions.
Ocrlous comes pre-configured with 100+ document types specifically for the mortgage industry.
On the other hand, Vaultedge automatically classifies 500+ documents and 2000+ fields from a loan file. More documents and fields are added on a continuous basis.
Ocrolus can be integrated with Encompass, whereas Vaultedge can integrate seamlessly with any loan origination and servicing software like Ellie Mae Encompass, Blackknight Empower, Wipro NetOxygen, Blackknight MSP etc.
Both Vaultedge & Ocrolus have a similar pricing: one time set up fees of $15,000 & usage cost of $15 per loan file processed.
reduction in manual effort
Faster Document processing
improvement in cost to close
accuracy which can go up to 99% with user feedback