A host of offerings that utilize artificial intelligence to help mortgage firms become more efficient, cut costs and reduce risk have been recently launched. But there are some caveats.
The former chief executive officer of Answers.com, David Karandish, has created Jane.ai, “the first-ever all-encompassing artificial intelligent workplace team member.”
According to the St. Louis-based company, the system comprehensively connects company information across platforms, applications, teams and databases to access and share instant responses.
In the mortgage industry, the technology promises to transform work for mortgage professionals by unclogging workflows and creating more time for customer engagement and retention.
Among Jane.ai clients is USA Mortgage, which originated $1.5 billion in home loans last year.
An announcement earlier this month from Black Knight Inc. indicated that its LoanSphere Actionable Intelligence Platform has been launched.
The Jacksonville, Florida-based service provider, a Mortgage Daily advertiser, claims the technology can help home lenders and servicers grow their businesses and cut  processing time, costs and risk. Black Knight said the platform provides powerful analytics to help lenders generate more leads, improve customer retention and operate more efficiently.
“The Actionable Intelligence Platform will help our clients with some of their toughest business challenges by delivering strategic, proactive and actionable analytics across every function and level of a client’s organization to support smarter decision-making,” Black Knight Chief Executive Officer Anthony Jabbour said in the news release. “This game-changing solution provides clients with a competitive edge and unparalleled business insight by giving organizations the tools, tasks and information necessary to take the right actions at precisely the right time.”
A report from The Canfield Press, which is associated with the Consumer Mortgage Coalition, said that AI is influenced by its interactions with other technologies like blockchain and the cloud.
“Focus on AI alone is not sufficient to understand the myriad ways in which it could be used within financial institutions,” Canfield said. “Much like other disruptive technologies, AI is not a panacea, and must be understood within the context of all other technologies that will affect how businesses operate.”
Although AI can enhance work productivity while cutting expenses due to errors, EnableSoft Founder and Chief Executive Officer Richard Milam says humans still need to be part of the process.
While AI implementation isn’t difficult, effective machine learning is. This is because finding patterns is hard, and the necessary training is often lacking — leading to the failure of machine-learning programs.
EnableSoft, which reportedly partners with 500 banks and credit unions, says that an expanded automation spectrum and better use of people is needed to fully automate processes.
