The mortgage industry is one of the critical nodes that connect different aspects of a growing economy. However, the mortgage industry faces unique challenges such as high turnaround time for loan processing, high labor costs, significant paperwork, and fraud risk factors.
Every challenge presents an opportunity; in this case, an organization willing to overcome the above challenges could be the next industry leader. We, at Quadratyx AI, offer MSuite, an automated one-stop solution to all your mortgage processing needs. With MSuite, the mortgage process becomes automatic with automated document generation, digital verification, and real-time integration.
MSuite unique comes with a unique intelligent automation brain that allows cognitive decision-making with built-in exception handling while maintaining accuracy and content quality. As a business solution, MSuite helps achieve scalability, accuracy, cost leadership, flexibility, and speed goals.
A traditional KYC process flow in a bank involves sequential steps taken by the designated staff. Apart from that, hours of work went into the manual processes in the bank, and many a time, the recurring manual errors, data risks, and compliance issues resulted in client off-boarding. MSuite’s natural language processing enhanced the KYC process for the new client onboarding in the bank. With the intelligent document scanning and improved ability to sift through a vast array of external data sources, MSuite meticulously extracted the risk-relevant facts, enabling the process to filter the high-risk clients. In addition, MSuite kept track of the changes in regulations, identified gaps in customer information stored by the bank, and provided know your customer (KYC) alerts to perform the regulatory outreach to the bank customers to collect the outstanding information. The automation architecture of MSuite that can create and update the client risk profile and match it against the classification process (i.e., high-, medium- and low-risk) ensured continued compliance throughout the client life cycle.