Infrrd AI Enabled Intelligent Document Processing for Complex Documents

  With rising home sales in the US and increasing demand for the use of technology in the mortgage approval process, IDP-driven end-to-end automation is expected to make a significant impact in this space. Because processes in mortgage origination are labor-oriented, automation and IDP are more impactful and beneficial for the mortgage industry than for most other Industries. According to the  McKinsey & Company report, A Future that Works: Automation, Employment and Productivity , “the value of the potential benefits of automation, calculated as a percentage of operating costs, is more than 90 percent for mortgage origination.” Moreover, this report says it takes an average of 37 days to approve a mortgage application in the U.S., of which about 14 to 21 are spent on the mechanics of application processing. With IDP, this could potentially drop to under six days. Mortgage automation is the key to a great customer experience The last few quarters have seen one of the large...

  Intelligent Document Processing (IDP) is a relatively new segment of technologies aimed at intelligent automation. As we talk to prospects and answer their questions about IDP, we find some repetitive themes. In this post, we will look at some of the most frequently asked questions about IDP and answer them with our perspectives. Let’s begin. Q: Are IDP solutions API-based? Should they be API-based? What does it mean when an IDP solution is API-based or supports API output? A: The way most IDP platforms work is that they receive a document as input, do their magic, and extract important business information from these documents. This information extracted at the end can be returned to the business systems in two broad ways - one for consumption by a human being and the second for consumption by another system. For human consumption, IDP systems display this information in a user interface where the customer can verify the information and correct it if needed. This information can...