We recently participated in a virtual event with Mortgage Banker Magazine along with industry veteran Keith Mullen from Saxony Partners where we discussed the current state of “process confusion” and the immense costs in time and effort inefficiencies cause.
For example, in commercial lending, the hoops and obstacles that have to be overcome are dizzying. Here’s a copy of one of the diagrams that illustrate the cumbersome process:
This diagram exposes the highly complex tasks involved with commercial loan reporting. If you look closely, a lot of the back-and-forth (and the associated delays) are due to processes that are conducted manually or from the use of systems that are ill-equipped to manage the iterative needs of a dance between the entities involved in producing the loan agreement and the subsequent evaluation, data entry, and decision process.
Most of the blame falls to the nature of the information involved: data is stored within multiple complex documents that must be compared with a system of record. Because most processes that involve document-based information require humans to make sense of them, things quickly become bogged down. That’s where document-centric AI comes in along with some good process reengineering. Rather than searching for needed documentation which is then eyeballed in order to collect specific data, the software can automate the identification of documents such that they are neatly organized in a digital form. When needed, specific required documentation can be easily retrieved with specific data within the documents located and presented within a user-centric workflow that makes the review of a loan very controlled and efficient. Within the process reengineering side of things, email can be replaced with automated process management that tracks the status of requests and can even issue reminders when due dates are missed. The important thing to understand is that every request is always in a known state.
This is just one example of how document-centric AI can be applied to make a painful, time-consuming process into a workflow that is highly efficient and controlled.