Google Cloud is aiming to innovate the mortgage industry with its new artificial intelligence (AI) tool called Lending DocAI.
Sudheera Vanguri, product manager lead at Google, said in a blog post on Monday (Oct. 19) that the mortgage industry is just one of many verticals being transformed by AI.
“In this industry, borrowers and lenders have high expectations; they want a mortgage document processing solution catered to improving operational efficiency, while ensuring speed and data accuracy. They also want a document automation process that helps enhance their current security and compliance posture,” she explained.
Lending DocAI is part of Google’s Document AI portfolio for the mortgage industry. The new tool “provides industry-leading data accuracy” to speed up loan applications. It processes borrowers’ income and asset documents and also automates routine document reviews.
“At Google, our goal to understand and synthesize the content of the worldwide web has given us unparalleled capabilities in extracting structured data from unstructured sources,” Vanguri said. “Through Document AI, we’ve started bringing this technology to some of the largest enterprise content problems in the world. And with Lending DocAI, now in preview, we’re delivering our first vertically specialized solution in this realm.”
Google is also working with a network of partners in different phases of the loan application process. It recently teamed with the point-of-sale digital lending platform Roostify.
“The mortgage industry is still early in transitioning from traditional, manual processes to digitally enabled and automated, and we believe that transformation will happen much more quickly with the power of AI. And if you are going to do AI, you’ve got to go Google,” said Rajesh Bhat, founder and CEO of Roostify.
Online sellers are increasingly dependent on cloud technology as digital sales climb, accelerated by the pandemic. Overall spending in the cloud infrastructure services sector grew 31 percent in the U.S. in Q2 compared to the same period last year, reaching $34.6 billion.
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