The fintech company uses AI technology to enter data onto mortgage applications and minimise errors during the submission and underwriting stage
Fintech company Digilytics has entered the UK mortgage market by partnering with lenders Together Money and Decimal Factor to introduce a ‘first time right’ approach to applications.
The firm received an undisclosed investment from Innovate UK to support its launch and has plans to partner with more lenders later this year.
It uses artificial intelligence (AI) technology to enter data onto mortgage applications and minimise errors during the submission and underwriting stage.
It reads documents submitted by a broker or borrower and runs the information against existing mortgage applications for verification. If any information is missing, this is auto filled by Digilytics AI to reduce manual entries.
Where the system is unable to populate data, the application will immediately be flagged so the lender can go back to the broker or borrower for corrections.
The firm said this would reduce the manual intervention from brokers and make cases ready for underwriting with minimal errors.
The technology works better at checking information for existing mortgage holders as their data will typically be held on lender systems. However, Digilytics said with every new application entered the platform continued to learn the data to improve accuracy, in a process which takes two to three days.
Digilytics AI works as a bolt on feature, meaning brokers and lenders who implement the technology to their platforms will not need to make changes to their system.
Arindom Basu, CEO of Digilytics AI, said brokers and lenders were often “mired in administrative and manual work” due to application entries and errors that prevented them from focusing on other tasks.
He added: Digilytics AI takes care of the manual procedures involved in submitting validated information at scale from customer documentation. From upload to submission, the platform’s AI capabilities assist the borrowers with real-time understanding of errors to improve packaging quality.
Basu said: Artificial intelligence is increasingly becoming the yardstick to evaluate new and innovative ways to improve the mortgage origination experience.
He said: On average, applications are submitted four times before they are accepted and are often incomplete and inconsistent. With first time right applications, brokers and lenders can accelerate time to fund, become truly paperless, leverage online data, accelerate the recovery from the Covid-19 crisis and most importantly the UK’s green initiatives by 2030.