Document automation platform Ocrolus has integrated OpenAI’s GPT into its tech, the company announced in a press release.
The move gives Ocrolus more power to process semi-structured and unstructured documents like bank statements, pay stubs, and mortgage applications without the need for human oversight.
Ocrolus’s platform uses multiple forms of AI from Amazon, Google, and its own proprietary deep learning architectures to allow lenders to automate with ease. It can create it own training data in-house to keep its algorithms on the cutting edge as they engage with these platforms.
“Ocrolus’ AI technology has transformed our lending business,” said Ocrolus customer and Head of Operations Strategy & Enterprise Projects at Kapitus, Murugappan Chettiar.
“The automation and accuracy have saved us many hours of manual work and drastically reduced errors in our lending decisions. It’s been a game-changer for us, allowing us to handle more loan applications without sacrificing accuracy or speed.”
AI-driven features are flooding the real estate and financial services spaces. Both Zillow and Redfin recently added ChatGPT-powered search plug ins to their sites.
Sun West Mortgage launched its own AI, MORGAN, which borrowers can use to apply for a loan and have their documents immediately analyzed to calculate their options.
Alec Hanson, SVP, West Division at loanDepot, emphasizes that AI is a handy tool that lenders should use to supplement their work but not blindly rely on.
“The human touch, rapport, trust and empathy that come with face-to-face interactions are still considered critical in the mortgage industry and may not be fully replicable by AI—ever,” he wrote in an explainer for Forbes.
“[W]hile AI can provide valuable insights and data-driven recommendations, mortgage advisors should always make the final decision based on their own expertise, experience, and understanding of customers’ needs.”
Ocrolus is an AI-driven document automation platform designed to optimize credit decisions for lenders. It will be demonstrating its tech at booth #343 during Fintech Nexus USA 2023, taking place at the Javits Center in New York City May 10-11.