Google’s New DocAI Management Tool Enters the Mortgage Space

Google is making moves in the Fintech sector. Recently they announced the launch of Lending DocAI. This is their first dedicated service for the mortgage industry. Although the tool is currently in preview with its aim to help mortgage companies. Manually extracting data is a time-consuming activity. As a result of this, your company’s resources are wasted. Google’s DocAI platform is designed to use machine learning and AI to process documents and transform them into structured data.

The mortgage industry already has a certain level of automation. In most standard cases a mortgage broker just puts your data into a computer programme to dictate whether you qualify for a mortgage. Even though this sounds straightforward as it is, it requires handling a significant amount of manual data.

Google also uses a form of DocAI to offer a more general tool that is used for performing OCR over complex documents. It also extracts the data from the documents. However, Lending DocAI is the first specialized Google Cloud service that uses this technology. This could be a big step forward for the mortgage industry.

The Future of Fintech

Google’s tool will speed up the workflow process and improve the overall experience when applying for mortgages. It will increase customer satisfaction due to the fact wait times will be reduced. Google Cloud also claims that using this technology will reduce risk. Lending DocAI can also be applied to a range of documents. These include income, tax, and asset statements. This will expand the use of the tool beyond just mortgage application and through all parts of the banking experience.

It will be possible to capture large amounts of valuable data using the tool which can reduce the difficulty of applying for loans for both borrowers and providers. Google demonstrated how the system works in a demo. This included how the tool can break down data and extract key information. Document verification and underwriting can be applied to documents with data capture.

This move into the mortgage sector by Google is an indication of their plans for the future. Google Cloud has started making moves into several sectors including industrial, finance, manufacturing, and logistics. They harness their advanced AI technology and develop industry-specific solutions. This results in Google selling products and services across all industries instead of just IT.

Google’s AI technologies in Fintech will not end with its Lending DocAI tool. They will continue to take advantage of AI to streamline other banking processes which will improve the experience for banks and their customers. Automating a lot of the document-heavy processes will increase the personal touch that financial services can offer. That will improve relationships with customers and improve a bank’s ability to help customers plan their finances in order to secure loans and mortgages.