Google Cloud today announced the launch of its first dedicated lending service to the mortgage industry. The tool, now in preview, is intended to help mortgage companies speed up the process of evaluating borrower income and property documents, which use specialized machine learning models to automate regular document reviews.
Some of these may sound familiar, because with Document AI, Google Cloud already provides a more common tool for performing OCR on complex documents and then extracting data from them. Lending DocAI is essentially the first uniquely Google cloud service to use this technology.
“Our goal is to give you the right tools to help borrowers and lenders get better experience and closure.” The mortgage Loans in a shorter time frame benefit all parties involved, ”writes Google Product Manager Sudheera Vanguri. “With lending DocAI, you will reduce The mortgage Processing time and costs, streamlining data capture, and supporting regulatory and compliance requirements. “
Google argues that its tool will speed up the mortgage workflow process and improve experience for borrowers. If you have ever gone through the mortgage process, you know how long it takes to compile all the necessary documents and how much lag your bank or mortgage broker has in front of you, telling you everything is in order (or not ).
In addition, Google Cloud also argues that this technology can help increase compliance currency by leveraging a technology stack (such as data access control and transparency, data residency, customer managed encryption keys) that implement the AI strategy Lowers the risk. “
In many ways, this new product is a good example of Google Cloud’s current strategy led by its CEO Thomas Kurian. While it continues to develop a plethora of common services for developers at every level, it now bundles them together to sell as a complete solution for enterprises across different verticals. Google Cloud believes that it can generate the most profit for these companies – and therefore generate the most revenue. With industry solutions for retailers, telcos, gaming companies and more – and to help industry partners increase their speed – Kurien and his team believe they can offer solutions, while its competitor devices Let’s focus on the offering. So far, this strategy seems to be working well, with Google Cloud’s revenue increasing by more than 43 percent in the previous quarter.