How they describe themselves: AI Foundry transforms banking and lending operations by integrating information, people and processes to enable increased insight and improved decision-making. Our Actionable Intelligence Management solutions help organizations streamline and automate manual processes, seize new business opportunities and manage compliance, all while driving bottom-line performance.
Improve Time-to-Funded Loans: Increase productivity and meet KPIs/SLAs with reduced manual processes and improved accuracy.
Strengthen Customer Loyalty & Retention: Receive and provide feedback throughout the entire application process.
Increase Enterprise Profitability: Streamline and automate processes so that loans can be processed faster.
How they describe their product/innovation: AI Foundry has built the first API into the mortgage industry’s number one LOS, Encompass from Ellie Mae, to eliminate the traditional, error-prone way of working. This API automatically extracts data from the submitted loan documents and updates existing loan packages based on extracted data. It provides end-to-end automation and many benefits to the lending operations including efficiency, lower origination costs, improved quality control, better borrower experience and ultimately higher production performance. It has the ability to assess more than 600 different file types across images, text files, and business documents that are used every day.
Product distribution strategy: Direct to Business (B2B), through financial institutions