Google Cloud Updates: Just two-three days ago on 19 October 2020, Google Cloud announces the launch of Lending DocAl. This is Google’s first dedicated service for the mortgage industry.
Though this new product by Google is currently at its preview stage. Basically, the idea behind the development of such a type of tool is to help mortgage companies.
Mostly in speeding up the process of evaluation of borrower money and documents regarding assets. This will just use specialized machine learning models to automate routine document reviews and checks.
Some people may find this familiar because of Documeby Al. Google Cloud already offers a more generalized tool for performing OCR. Over such complex documentations and then subsequently extract data from documents.
The upcoming Lending DocAl is the first vertically specialized Google Cloud service. This will use the above mentioned amazing technology.
Sudhera Vanguri, the Google Product Manager reveals. “Our goal is to provide you the right tools, that will help borrowers and lenders to have a better experience.Image Source: TechCrush
To close mortgage loans in short time span, this will surely benefit all parties. Each one is involved in the process.” Sudhera continues and expresses. Streamlining data capture and support regulatory and compliance requirements .”
Google counting upon the benefits of its new product, Lending DocAl. The parent brand puts forward it’s a tool that will speed up the mortgage workflow process.
This will surely improve the overall experience of lenders and borrowers too. If one ever been through this mortgage process. Then surely is familiar with the amount of time this process takes to compile all necessary documents. It’s a whole set of time-consuming processes.
Google puts forward the fact. That this new technology will reduce risks and will enhance the compilation procedure. Just by leveraging a technology stack. This will surely result in reducing the risks and dangers of indulging an AI strategy.
Lending DocAl, the upcoming new product by Google Corporation. This going to be surely beneficial and is a great example of Google Cloud’s current plans. All the plans are currently under the leadership of CEO, Thomas Kurian.