Using AI to digitize financial documents at scale, with Ocrolus CEO Sam Bobley

Lex chats with Sam Bobley, founder and CEO of Ocrolus - a fintech infrastructure company that powers underwriting processes for lenders like SoFi, Lending Club, and Enova. In this episode Sam starts off by sharing how he got started in entrepreneurship at a young age and the influence of his father, who was a serial entrepreneur. Bobley explains how Ocrolus focuses on document automation using OCR technology and the challenges they faced in the early days. He also discusses the evolution of machine vision and the improvements in handling semi-structured and unstructured documents. Bobley highlights the importance of vertical-specific solutions and the integration of AI technologies into financial services. He shares the company's experience during the COVID-19 pandemic and the pivot they made to focus on the Paycheck Protection Program. Bobley emphasizes the need for transparency, focusing on the big picture, and having a support system to navigate the challenges of entrepreneurship. He rounds off the episode discussing the trends he sees in the industry, including the rise of large language models and the adoption of cashflow-based underwriting. MENTIONED IN THE CONVERSATION Ocrolus's Website: https://bit.ly/3QHYoeN Sam's LinkedIn profile: https://bit.ly/3SrC7TU Topics: artificial intelligence, ai, machine vision, OCR, LLM, machine learning, automation, fintech, embedded banking Companies: Ocrolus, Plaid, OpenAI, Google, Amazon, AWS, OnDeck ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin TIMESTAMPS 1’22”: Early entrepreneurial insights: Money's role Sam’s upbringing and fintech's influence 5’15”: The dawn of image recognition: Founding a company on the cusp of AI advancements 12’23”: Building the ideal product: The journey to a four-hour turnaround time 19’48”: The evolution of machine vision: From early days to cutting-edge capabilities 26’34”: Enhancing the developer experience: A deep dive into integration and seamless interactions 34’02”: Navigating the journey of building Ocrolus: Inflection points, growth, and challenges 38’48”: Staying resilient through business challenges: Advice for entrepreneurs from a seasoned founder 40’28”: Maintaining leadership resilience: Strategies for navigating the roller coaster of entrepreneurship 44’42”: Future trends in AI and embedded finance: Insights from a tech entrepreneur 46’21”: The channels used to connect with Sam & learn more about Ocrolus