Working in ‘silos’ is by far not a good thing in today’s times. In fact, as we are headed towards an open banking scenario in the coming years, it is important that the financial institutions first get themselves ready for a more synchronized flow of data between their internal systems. Enormous data gets generated through document processing processes and the financial institutions will be responsible to ensure that they provide complete financial data to their customers when the open banking is implemented in full scale. The first movers as we have seen with other technologies such as ATMs, digital banking and more, will derive maximum tangible and intangible benefits through this development. The future is certainly open.
DocVu.AI, an intelligent processing solution processes structured and unstructured data to speed up loan origination and reduce closing times. The solution also digitizes Post close QC which improves quality of such audits with improved turn-around times. Our robust API framework forms an essential medium for seamless and controlled flow of data across systems. DocVu.AI offers a ‘best-in-class’ suite of APIs across the entire loan origination lifecycle for lenders to digitally connect with others in the ecosystem such as LOS, loan servicing solutions, external third party service providers such as title services, Credit rating agencies, valuation agencies and more and drive tremendous business benefits by enabling completely digital and faster services.
McKinsey estimates that APIs have the potential to unlock significant value across global banking — approximately 50 percent of revenues or 65 percent of profits over the next decade. DocVu.AI has ready integrations with leading origination systems such as Encompass, MeridianLink Mortgage (formerly called as LendingQB), Mortgage Director, Openclose and more. The perfectly interconnected mesh between the two systems creates a holistic and powerful platform for mortgage lenders to process loan applications quickly and accurately.
