Finastra upgrades its mortgage software with GenAI capabilities

This initiative comes as part of Finastra’s commitment to embracing GenAI to support its customers in delivering better services faster and saving brokers time while reducing the risk of manual labour.

New GenAI capabilities

Finastra’s latest survey found that 61% of financial institutions have recently adopted AI or improved their capabilities. This number is twice as large compared to 2022. The use of GenAI increased as 35% of financial institutions started utilising it. This highlights the fast environment in which this technology evolves, especially when it comes to large language models.

GenAI demand is increasing across the industry for the value it offers customers and their clients, according to Filogix. This technology may help reduce keying from scratch for brokers, save time, and increase delivery speed. Filogix is adding the new GenAI capabilities alongside its already existing AI-based automated lender note features.

Filogix Expert Pro was designed to enable mortgage professionals to improve workflow and centralise their business, resulting in better customer experience and faster funding deals. The new capabilities will deliver a chatbot to help mortgage professionals optimise their workflow and increase productivity, offering real-time answers to questions about Expert Pro. This aims to reduce response time and improve customer satisfaction.

Another key feature includes document data extraction, where key points from income and property listing documents are extracted automatically, saving time and increasing accuracy in data collection.

The GenAI capabilities will create automated email drafts for borrowers in the CRM component of the app, supporting brokers with suggestions for copy, tags, and more when conversing with customers through email. Additionally, there is a feature for email summarisation between broker and client, offering a quick view of important points and updates. It also suggests relevant activities to be added to the file, based on email exchanges.