How Industry 4.0 Principles can work in favor of Mortgage Origination?

Linking-mortgages-industry

Just like supply chain, manufacturing and other sectors of global industries, industry 4.0 has also reshaped the financial services significantly. Industry 4.0 is a global concept, but it can take diverse forms, or names, around the world.

Industry 4.0 works on the concept of physical-to-digital-to-physical or PDP loop. 

  • Information from the physical/real world captured to create a digital record of the physical operation
  • Machine Learning, advanced analytics and computing applied on real-time data 
  • Insights captured and relevant automation applied to the physical process for decision-making and auctioning

Linking Industry 4.0 and Financial Institutions

It's quite apparent that technological supremacy of Industry 4.0, Machine Learning, Artificial Intelligence, Computer Vision, IoT and related technologies, have had a rollover effect on the financial industry.

Industry 4.0 in the financial industry has led to evolution of Banking 4.0 or fourth-generation bank, to help the new age customers.

Banks are constantly evolving and working futuristically towards a quicker turnaround time, enhanced efficiency, enable smooth fund transfers, offer innovative products to their customers, and work on data in real-time.  

Since it is the customer who now decides what kind of customer service and interaction they want, financial industries need to gear up.

Applying Industry 4.0 principles to mortgages

  • Realize vital productivity benefits
  • Digilytics™ RevEl is first of its kind, ground-breaking technology revolutionizing mortgage origination. It delivers significant productivity improvement benefits using cutting edge AI technology- combining Computer Vision, Natural Language Processing and Deep Learning.

  • Improve the origination process efficiency 
  • Prevailing origination processes are riddled with numerous hand-offs, sequential processing, and manual document handling. With algorithmic case allocation and digital queue management can drastically improve the origination efficiency. 

  • Host on cloud or on existing loan origination system
  • Bolt-on to existing technology by leveraging historical data. Digilytics™ RevEl is a non-invasive technology that can easily be bolted on to existing origination systems to derive immediate benefits.

  • Boost in revenue and productivity enhancement 
  • As a result of Intelligent Digital, underwriters can focus attention on case-specific customer servicing, and mortgage lenders can reduce their time to offer, lower cancellations and improve internal collaboration amongst teams. 

  • Automated processes
  • Pre-trained to self-learn over time,  Digilytics™ RevEl delivers pre-trained technology for hundreds of mortgage documents, which makes it immediately deployable. Additionally, the self-learning business friendly UX and learning metrics tracker enables easy usage. 

  • Improve borrower, broker, and colleague experience
  • Smart digital technologies improve the experience of digital and remote working by providing intelligent assistance and assistive chat support all through the digital journey. It is done by offering solutions that make a difference to the customer - innovative products and services that have digital capability with easy to use AI.

Conclusion 

The prospect of Industry 4.0 and link between mortgages is alluring, however the change will not be easy given significant technological change is required.

We have built Digilytics™ RevEl with the latest AI technology which will help you save time and money by revolutionizing your origination process.

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Posted Under: Industry 4.0

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