AI Foundry, a Wakefield, Massachusetts-based banking solution provider, intends to accelerate the pre-approval and underwriting approval process. As per recent reports, the Wakefield-based artificial intelligence (AI) platform provider has announced the general availability of its Cognitive Business Automation Platform and new Agile Mortgage solutions.
Steve Butler, AI Foundry founder, and general manager says, “Competition in the mortgage lending industry is intense, and while many companies have deployed point-of-sale solutions for the customer, the back-end processes have not undergone a digital transformation, until now”.
AI Foundry’s new Agile Mortgages solution, based on the Cognitive Business Automation Platform, is capable of automating all the lending lifecycle processes that are pretty much labor-intensive. The automation not just speeds up the borrowing process for potential borrowers, it also significantly reduces the mortgage processing cost for lenders. Furthermore, in the current digital age, this new tech offers a similar digital experience that customers are accustomed to in other aspects of their lives.
The Cognitive Business Automation Platform, leveraging machine vision technology, extracts and classifies data from electronic images and documents at extreme accuracy of 90% or greater, far exceeding the performance efficiency of traditional optical character recognition (OCR) technology.
Adding further, Butler says, “We will truly disrupt the ‘status quo’ by automating the mortgage application process and enabling lenders to complement those front-end capabilities with one-day mortgage approvals”. “This not only opens the enormous potential for acquiring and delighting new customers; it also drives down the cost per mortgage, so lenders can be more profitable.”