London, Nov. 12, 2020 – Digilytics AI today announced that Innovate UK, the UK’s innovation agency, has awarded a funding under the program Sustainable Innovation Fund for a ground breaking innovation with one shot learning and first time right applications for mortgages.
Digilytics™ RevEL is first of its kind product that specializes in AI-enabled processing of mortgage documents. It delivers significant productivity improvement and efficiency benefits using cutting edge AI technology- combining Computer Vision, Natural Language Processing and Machine Learning.
The innovation will drastically improve the current state-of-the-art by achieving 95%+ accuracy of extracting and validating data from mortgage documents with one-shot learning in real-time and at scale for first time-right applications.
The innovation will uniquely allow origination to become truly paperless and will drastically reduce transaction cost and time taken for providing credit. This would accelerate an urgent sustainable recovery from the Covid-19 crisis and significantly benefit a sustainable future by reducing waste, slowing climate change and enhancing access to the essential need of shelter.
“In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy. “Digilytics AI, as a part of sustainable innovation fund, along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people.” said Dr Ian Campbell, Innovate UK Executive Chair.
“Artificial Intelligence is increasingly becoming the yardstick to evaluate new and innovative ways to improve the mortgage origination experience. This innovation will accelerate an urgent sustainable economic recovery from Covid-19 in the UK mortgage market and revolutionize the mortgage origination” said Arindom Basu, Founder & CEO at Digilytics AI.About Digilytics™ RevEL
Digilytics™ RevEL is first of its kind, easy-to-use AI product for revenue growth. It is built on advanced AI technology, and radically improves the loan origination experience. Digilytics™ RevEl for financial services reduces time to offer for mortgage lenders. The product can be launched from an existing loan origination system, with bulk document upload and document classification into configured file structure. This reduces non-value adding manual tasks, augments decision making by providing granular visibility.
Digilytics™ RevEl has the capability to extract data from the document and map it onto relevant fields of Loan Origination System, perform data validation and annotation checks on the documents. Digilytics™ RevEl reduces the cost of origination and time to fund and improves intermediary/customer/colleague experience.
About Innovate UK, the UK’s innovation agency
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. We connect businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth. We fund business and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains and UK regions. Innovate UK is part of UK Research and Innovation. For more information visit www.innovateuk.ukri.org
Founded by Arindom Basu, the leadership of Digilytics is deeply rooted in leveraging disruptive technology to drive profitable business growth. With over 50 years of combined experience in technology-enabled change, the Digilytics leadership is focused on building a values-first firm that will stand the test of time. The leadership strongly believes in the ethos of enabling intelligence across the organization. Digilytics is headquartered in London and services lenders across India.
Digilytics AI recently won the Financial Advisor Diversity in Finance Award for Product of the Year Category 2020, and are also shortlisted for the Mortgage Technology Provider of the Year, 2020 and the Fintech Champion of the year, Women in AI 2020.Digilytics™ RevEL is a trademark of Digilytics AI. All other trademarks cited herein are the property of their respective owners. Call on: +44 208 947 0137 | Email us at: ask@digilytics
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