Artificial intelligence is already here
Artificial Intelligence (AI) is everywhere around us, from voice recognition software in your mobile phone to navigations in car. Even Google uses Artificial Intelligence for its search engine. Netflix, amazon prime movie suggestions are based on Artificial Intelligence. Interacting with Siri, Alexa, Google assistant is also a form of Artificial Intelligence.
The goal of Artificial intelligence is: –
- To bring human intelligence capabilities to machines.
- To create machines which can do better performance than the previous version.
Artificial Intelligence in BFSI
Artificial intelligence will have an impact in banking, insurance and mortgage domains. In banking up to 40% of human task will be handled by machines which will make banking more embedded into our lives. Machines in banking will be able to take on advisory, customer relations and approvals for most banking services. In insurance, machines will be able to better assess risks and bring a higher level of accuracy in insurance products. This increase in accuracy will result in better priced products and better sales. For mortgage, AI can reduce the processing time of mortgage. This will lead to faster loan origination cycles, better customer acquisition and quicker capital utilization.
However Artificial Intelligence Machines can independently execute certain banking tasks, For Insurance and Mortgage Artificial intelligence needs to be able to collaborate with Human intelligence.
DocVu.AI’s Mortgage Intelligence
DocVu.AI’s Mortgage intelligence module is deeply integrated into DocVu and brings Artificial intelligence capabilities to Mortgage.
In Mortgage Intelligence, Artificial intelligence is customized for Mortgage operations in originations and servicing.
Mortgage intelligence leverages the best of both worlds. It brings together human intelligence with artificial intelligence. The razor sharp focus on Mortgage enables depth and robustness of our AI and ML implementations.
The key reasons that Mortgage Intelligence in DocVu.AI is successful in Mortgage document processing is because Mortgage intelligence is designed better using: –
- Availability of Mortgage Data
- Better Algorithms due to domain understanding
DocVu.AI has over 25 years of experience in mortgage and have processed millions of mortgage loans, that’s why we have an advantage over everyone in the availability of mortgage data which is key to building capabilities in AI. Furthermore due to our experience in mortgage we understand the areas of concern and points of criticality and work with our data scientists to make Mortgage intelligence in DocVu.AI robust and finely tuned for mortgage applications
Learn about which areas Mortgage intelligence brings improvements here