By KIMBERLEY HAAS
A total of 1,250 team members at Rocket Companies dove headfirst into the topic of leveraging generative AI during their most recent HackWeek.
More than 250 experiments were tackled as these team members explored how technology can streamline the homeownership journey. They ranged from finding solutions for when buyers first start browsing home listings to creating a system that presents payment assistance options to homeowners if they experience hardships.
CEO Varun Krishna said in a post on LinkedIn that harnessing the capabilities of GenAI is a major goal for the company and having a week of dedicated time to focus solely on breakthrough innovations was “incredibly valuable.”
“It is incredible how many great ideas can come from a week of unstructured creative thinking, challenging status quo, and challenging assumptions,” Krishna said.
HackWeek was held during the last week of March in partnership with Amazon Web Services, Microsoft, and Google.
HackWeek started in 2019 to boost collaboration across teams as part of the Innovations program, which was established in 2011, according to Manager Jordan LaFramboise.
“With the event happening three or four times each year, this most recent event was Rocket’s 19th HackWeek. The average participation in HackWeek ranges, but often involves more than 1,000 team members each time,” LaFramboise said.
Team members have proposed new business models, explored how virtual reality can be used for training, and built an installable browser that tests how websites look to people who have visual impairments during past HackWeeks.
Krishna, who was named CEO of Rocket Companies in July of 2023, has been pushing advances in artificial intelligence.
When the company released its year-end results in February, Krishna said by continuing to leverage the technology, they will transform an industry that is ripe for innovation.
“With AI, we are rewriting the rules of the game and structurally and fundamentally changing how this industry operates,” Krishna said. “We believe AI will shape the future of the homebuying industry, with Rocket leading the way. Technology is the answer to better client experiences and capacity management in our industry.”
Krishna said a virtual assistant is helping mortgage bankers, automated income verification technology is assisting underwriters, and servicing calls and chats are increasingly powered by AI.
“AI lets computers do what they do best while allowing our team members to focus on what they do best, fostering relationships and connecting with our clients,” Krishna said.
On Tuesday, Rocket Mortgage unveiled Rocket Logic, a technology platform that allows the company to close loans faster using state-of-the-art deep learning and generative AI systems.
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