Why mortgage servicing companies must Invest in regulatory compliance to mitigate risk.
According to a recent report from the CFPB, Mortgage Servicers are struggling with their loss mitigation programs, call center response times, and unreliable systems that are not producing consistent data. Another report also reveals that in the past few years, mortgage servicers have lost billions of dollars due to non-compliance and inadequate regulatory controls. It […]
Using AP automation to educe accounts payable discrepancies and boost satisfaction
Accounts payable is a crucial aspect of maintaining positive cash flow and strong vendor relationships in most companies, especially larger ones. It’s easy to underestimate the importance of maintaining good relationships with vendors until you need their support for rush orders or special pricing. Unfortunately, AP teams often face various challenges in their daily work. […]
How automation in AP works and how it can improve your accounting process
Accounts Payable is one of the most vital processes across industries. The amount of time organizations take to manage the workflow due to multiple data points, sources of information, multiple invoice formats, and touchpoints can be massive. Automating the entire process can help streamline the process by leveraging business intelligence. Further, it reduces the time […]
The impact of Intelligent document Processing in boosting Business Efficiency
Businesses generate and process an unprecedented volume of documents every day. From invoices, and receipts to contracts and legal documents, the sheer amount of paperwork can be overwhelming for even the most organized of businesses. The time and resources required to manually process these documents can be a significant drain on a company’s productivity and […]
How Cognitive Artificial Intelligence in IDP adds value to P&C Industry
Did you know that 80% of all business data is embedded in unstructured formats such as business documents, emails, images and PDF documents? Today, data has become a valuable commodity in the modern business world, but the sheer amount of unstructured information which is difficult to process, makes it challenging for this data to turn […]
How IDP in P&C Industry Improve Customer Experience .
Automation has been playing a disruptive role in every industry. Among these cutting-edge technologies, Intelligent Document Processing (IDP) has emerged as a trend for the insurance industry, which is one of the largest adopters with a presence of approximately 13% of the IDP market. Subsequently, thoroughly understanding IDP becomes crucial for companies to explore its […]
Ensuring the lowest mortgage rates to drive volumes and ROI for lenders
The mortgage industry has been turbulent in the past couple of years. Various economic and political scenarios have forced the Federal Reserve to recalibrate its monetary policies, which has indirectly affected the mortgage rates significantly. Further, lending rates are increasing rapidly, with the average 30-year fixed mortgage rate reaching 7.2% in October 2022. Naturally, banks are maintaining […]
How to ensure maximum ROI from your IDP in mortgage document processing.
Processing mortgage applications entails dealing with a massive pile of documents necessary to verify customers’ loan worthiness and clear approvals. This task is often carried out manually, resulting in reporting errors, missing documents, and an unending waiting period before closure. This has consequences like the loss of time, wasted employee effort, and, eventually, a drop […]
Leverage superior analytics and insights with minimal investment to improve mortgage decisions
As per a Forbes survey, 55% of respondents from mortgage companies believe that adopting AI in operations can reduce mortgage origination costs by 26%. In mortgages, where document processing errors can lead to incorrect credit decisions, it is vital to be 100% right the first time. A loan package generally, consists of hundreds of pages […]
Defining the ideal IDP process efficiency for improving ROI
Every organization is unique. From their business goals to the technologies leveraged, the people that make it, and even the culture that makes the organization alive, differs. Bringing a solution into an organization is a very involving and complex exercise. One needs to consider the organization’s and the project’s critical aspects. A solution with AI […]
