RouteOne has added Automated Document Classification to its proprietary Digital Deal workflow, using machine learning and optical character recognition to identify and process “not electronically originated” documents included with econtracting packages.

Automated Document Classification also has the ability to “split” large files to reduce processing times and improve accuracy, executives say, and dealer users will benefit from faster uploads and fewer errors.

A release announcing the launch notes that econtracting now accounts for more than 80% of RouteOne’s dealer-originated auto finance transactions.

“The future of econtracting is not just about digitizing documents, it’s about optimizing the entire funding process,” Sr. Manager of Customer Relationships Jordan Snider writes. “With this enhancement, we’re helping our finance source partners expand the efficiencies we’ve enabled from making the finance contract fully data enabled to AI-powered identification and data extraction for the key documents in the funding package.”

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