Google deploys its cloud tool to speed up mortgage companies’ turnaround time; an opportunity that blockchain should not miss.
Google has recently launched its cloud-based Lending DocAI, a tool designed to help mortgage companies in speeding up their process in evaluating borrowers’ income and asset documents.
By using this tool, the companies can confidently avoid errors that risk clients’ data. It also reduces the complexity of the process for both lenders and borrowers without deviating regulatory compliance.
Looking back, before the launch of the Lending DocAI, Google has released Document AI. This cloud-based application offers a more general tool for performing OCR over complex documents as it extracts data. It was first used by Lending DocAI, making the tool more effective in expediting mortgage processing.
Google Product Manager Sudheera Vanguri further added that,
Our goal is to give you the right tools to help borrowers and lenders have a better experience and to close mortgage loans in shorter time frames, benefiting all parties involved.
Furthermore, Lending DocAI is already one of the many cloud tools that Google has created to provide convenience to its users. For this project, Google collaborated with Roostify, one of the industries that utilizes the cloud tool for its point-of-sale digital lending platform.
Innovating further, in a published report, Google has also announced that it is willing to embrace and open up its platform to blockchain technology. This process could be done by using the open-source EOS network.
If this collaboration was finalized, blockchain would be able to reach and help millions of people that are using Google. In this case, Google users can use the platform’s products with an added security layer provided by blockchain technology.