Google has recently announced two vertical-specific solutions for their Document AI product platform:
- Lending DocAI
- Procurement DocAI
Both solutions seek to eliminate the aggravation and additional costs of management mortgage applications and managing invoices and receipts. Both products are still in preview.
Everyone loves to refinance their home, right? And juggling receipts on scraps of paper and invoices is a fun way to spend an afternoon.
Hopefully, your next home loan experience might be a little simpler. Google’s Document AI is the pathway through which Google is bringing its ability to “extract structured data from unstructured sources” to “some of the largest enterprise content problems in the world.”
Lending DocAI is the first vertically specialized solution based on this concept.
According to Google:
In short, Lending DocAI helps:
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Increase operational efficiency in the loan process: Speed up the mortgage workflow processes (e.g. loan origination and mortgage servicing) to easily process loans and automate document data capture, while ensuring that accuracy and breadth of different documents (e.g. tax statements, income and asset documents) support enterprise readiness.
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Improve home loan experience for borrowers and lenders: Transform the home loan experience by reducing the complexity of document process automation. Enable mortgage applications to be more easily processed across all stages of the mortgage lifecycle, and accelerate time to close in the loan process.
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Support regulatory and compliance requirements: Reduce risk and enhance compliance posture by leveraging a technology stack (e.g. data access controls and transparency, data residency, customer managed encryption keys) that reduces the risk of implementing an AI strategy. It also streamlines data capture in key mortgage processes such as document verification and underwriting.
What’s this mean?
This looks to be a another step that places the recognition piece of capture as essentially a commodity. It’s also a vindication of the efforts of every single capture technology provider over the past decades, who have been focused on removing paper from business processes for over 30 years. What this means for the market I’ll leave for wiser heads than mine to opine on.
Additional reading:
- Google Releases Document AI Solution to Automate Procurement Data Capture
- Google and UnifiedPost Collaboration Draws-up procurement DocAI as Solution
Sources:
- Lending DocAI fast tracks the home loan process by Sudheera Vanguri, Google Product Manager
- Procurement Product Page
