IDP & AI-Led Transformation for Mortgage

By
Anusha Venkatesh
IDP Evangelist

Infographic: IDP and AI-Led Transformation for Mortgage

The trillion-dollar U.S. mortgage industry is in the early stages of a massive transformation in automation. Many early adopters in the industry have already started benefiting from implementing AI-led IDP solutions as part of this transformation.

Infrrd and Apps Run the World, a leading technology market research firm, surveyed over 200 banking, financial services companies, and independent mortgage firms who were early AI-led IDP adopters.

The research report contains valuable insights and concrete examples of how IDP has impacted the customer experience for the surveyed companies.

We have consolidated the report in this detailed infographic that showcases the key findings of how IDP impacted companies large and small in:

  • Eliminating manual procedures
  • Reducing processing time
  • Improving quality control, compliance, and efficiency
  • Enhancing cost savings

Fill out the form to the right to download the infographic.

Frequently asked questions

What technology is better than OCR?

OCR, short for "optical character recognition," gives information in a one-way manner. But the more advanced version is IDP, which stands for "Intelligent Document Processing," and does more than the latter by recognizing characters. It can break down the whole content and the context of the document in several ways. Modern AI techniques like machine learning and natural language processing are used together to produce more meaningful results. As a result, IDP can extract the content and determine the organization and meaning of each item in the document more like humans.

 What is the market for intelligent document processing?

Several industries use IDP. Here are some intelligent document processing uses that IDP provides: time-saving, better accuracy in accounting, documentation of loan applications, and other data processing processes. IDP is a trusted solution for automated data processing in numerous industries, including finance, legal, insurance, and logistics. Since it enables the sector to produce excellent results by concentrating more on the essential operations of the business system, even in human resource departments of industries, employee surveys, other HR data, employee screening, and resume processing are all possible with IDP.

What are the key innovation drivers supported by IDP?

IDP supports tremendous innovations in data-driven decision-making, deriving value from business documents and agile development.

To know more, book a 15-min session with an IDP expert

How can IDP help organizations eliminate operational inefficiencies?

Businesses can improve operational efficiencies using IDP by automating repetitive tasks, reducing errors, and increasing the processing volume.

To know more, book a 15-min session with an IDP expert

How can a business benefit from intelligent document processing systems in the context of accounting?

Intelligent Document Processing, or IDP, is perfect for accounting. It uses machine learning and mighty AI tools to handle data swiftly and accurately. Organizations find IDP useful because machines, unlike humans, don't tire or get sidetracked. What's more, they don't make expensive mistakes during paperwork management. This reliability improves operations with fewer mishaps. It significantly boosts the organization's overall work quality and productivity.

What are the potential challenges or considerations when implementing IDP?

One of the major challenges while implementing IDP is the normalization of the new workflows. Personnel training, process enhancements, and full assimilation require time to get fully absorbed by an organization.

To know more, book a 15-min session with an IDP expert

How does your solution handle corrections?

Did you know no system is 100% accurate all the time?  When extraction errors occur you want to correct them.  We provide a simple UI that your business analyst will use to make corrections.

To know more, book a 15-min session with an IDP expert

Does your solution work with handwriting?

Our solution excels at data extraction from handwriting.  We've got proprietary methods and techniques that do the trick.  It's pretty cool.  See for yourself.

To know more, book a 15-min session with an IDP expert