The results reveal that IDP adoption is the most significant development in the mortgage industry; Addresses a trillion-dollar industry’s emerging need for AI-led transformation

SAN JOSE, CA, March 9, 2022–(BUSINESS WIRE)–Infrrda leading provider of Intelligent Document Processing (IDP) solutions, and Apps rule the worlda leading technology market research firm dedicated to the application space, today announced the release of a study revealing the adoption of the IDP as the most significant development within the US mortgage industry.

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The Infrrd and Apps Run the World study reveals that the adoption of intelligent document processing (IDP) is the most significant development in the mortgage industry. IDP addresses this trillion-dollar industry’s emerging need for AI-led transformation. (Graphic: Business Wire)

According to the study of 200 banking and financial services companies, including 79 banks, 119 independent mortgage companies and two insurance companies, the deployment of IDP applications has become one of the most important developments in the mortgage industry. American. The mortgage industry has become an expansive and fragmented market, processing trillions of dollars in transactions each year.

IDP is a next-generation solution for extracting data from complex, semi-structured and unstructured documents. Unlike technologies before it, IDP can manage document complexity and variation using artificial intelligence (AI) and machine learning (ML) technologies. IDP helps efficiently capture and extract information and digitize documents from bank statements and payslips to tax returns and personal information when processing loan applications. IDP has a major impact on extracting and managing information from a range of mortgage loan application documents and transforming it into actionable data.

Main findings among the respondents are:

  • 38% have invested in IDP solutions since 2019

  • 66% said using IDP resulted in the elimination of manual procedures, a typical business process for a labor-intensive industry that until recently continued to rely on legacy protocols such as fax machines to transmit documents

  • 87% said data extraction and accuracy were among the top reasons for their purchase of IDP solutions, a major attribute that has led to a dramatic reduction in processing time for banks and mortgage companies

  • 67% said compliance was a top benefit of using IDP (among companies with revenue under $10 million)

  • Leading companies have prioritized improving customer engagement and experience (CX) as one of the key criteria to measure their technology investment. They mentioned their need to deliver better CX more frequently via IDP. To that end, 57% of respondents with annual revenue of $201 million and above report better CX as a benefit of using IDP, while the same was cited by only 27% of respondents with an annual income of less than $10 million.

Other areas important to IDP adoption and subsequent benefits cited by key stakeholders who participated in the study include the importance of document quality control (cited by 57% of respondents), compliance (expressed by 53% of respondents), increased efficiency (noted by 49% of respondents) and quantifiable savings (shared by 46% of respondents).

“This study reveals precisely why we recently unveiled our proprietary and patented technology Infrrd for mortgage Platform. We had the foresight to know that our AI and ML-based IDP solution would be ripe for the mortgage industry. We continue to demonstrate our 100% confidence level in data extraction and as a result, our customers see dramatic improvement in the extraction and classification of their data. Our mortgage customers can expect to realize a 45% reduction in loan application processing time by using Infrrd for mortgages, which will positively impact their business operations, operational efficiency and risk management strategies. costs. This directly aligns with what respondents see and expect to continue to benefit from the adoption of IDP in their businesses and business practices,” explained Amit Jnagal, Founder and CEO of Infrrd.

Albert Pang, President of Apps Run the World, who led the study, added, “Many industries are turning to AI-based technologies to drive business and operational transformation. It is clear from this study that leading mortgage lenders are quickly realizing the benefits of IDP to drive efficiency, accuracy, productivity and cost containment. Partnering with Infrrd on this important research reveals first-hand key findings that are driving transformation for financial institutions and mortgage companies that see IDP as a critical part of their future.

To access the full report, click here. To view the infographic, click here.

About Infrrd

Infrrd, based in San Jose, Calif., is a leading provider of proprietary and patented Intelligent Document Processing (IDP) solutions, which leverage artificial intelligence (AI) and machine learning (ML) to enable companies to extract and manage data from semi-structured data and unstructured documents in large volumes. Infrrd offers pre-built and highly configurable solutions to manage complex documents with reliable accuracy, such as invoices, claims and bank statements, while allowing organizations to create and train new models. Companies around the world use Infrrd’s solutions to improve employee productivity, improve operations, accelerate business scalability, realize cost savings and deliver exceptional customer experiences.

For more information, visit www.infrrd.ai or connect with Infrrd on LinkedIn, Facebook and Twitter.

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contacts

Susan Turkell, 303-766-4343, [email protected]