By KIMBERLEY HAAS
Leaders at a California-based digital lending solutions provider say they are using generative AI to redefine the financial services landscape.
The launch of Data Beats by Tavant was announced at the Mortgage Bankers Association’s annual convention and expo in Philadelphia this October. The platform will initially be used for mortgage and home equity products but it will be extended to all consumer loans and banking products.
Abhinav Asthana, fintech product business and growth leader at Tavant, said in a statement that the company’s mission is to stay at the forefront of innovation and to be the engineering partner of choice in the financial services industry.
“Data Beats exemplifies our commitment to providing our customers with an advanced platform that accelerates their vision to transform into a data-first organization,” Asthana said.
The new technology adapts and learns from a company’s data, providing actionable insights and predictions for future trends, according to a press release.
Matthew Wood, senior director of fintech at Tavant, recently sat down with The Mortgage Note to talk more about how they plan to harness the power of artificial intelligence for their customers.
Wood said leaders in lending now realize they need a plan to incorporate this technology.
“It has that same sense of urgency – I don’t know if you remember when mobile apps were finally acknowledged as a need across the board – it has that kind of sense of fervor,” Wood said.
“That tells me we’re at a very interesting point where, as individual actors in industry, we’re beginning to understand this is something that we need and something that we want.”
Since data quality is a top priority in AI, Data Beats uses information being generated from a company’s own systems.
“From a quality data perspective, you know where the data came from. You know that it’s good,” Wood said.
Wood said that right now, customers are concerned about the lack of regulations surrounding AI.
“It’s simply because in the absence of regulatory opinion or rulemaking, especially the larger players are worried that they’re generating a future fine no matter how good their intent. That can be a pretty fair concern,” Wood said. “We’re still waiting as an industry to get better guidance for all the various stakeholders in the mortgage industry.”
Wood said states are moving faster than the federal government on this issue, but the White House has issued an executive order to establish standards for AI.
Although it may be a difficult landscape to navigate for the next few years, Wood said companies that are fighting to survive in the current housing market are hungry for a way to do things differently. Data Beats empowers financial institutions to use a proactive approach, offering precise recommendations for loan officers, processers, and underwriters.
It is estimated that Tavant’s customer base originates one out of every three mortgage loans in the United States. The company has been named an IDC FinTech Rankings Top 100 solution provider for five consecutive years.
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