Why tech is becoming a broker’s best friend

Q. How does DocuScan support brokers through technology?

We have a proprietary, AI-based platform that is designed to turn documents into data to eliminate data entry and detect fraud early in the loan application process. Our AI takes all that manual processing, using what we call human eye automation, and eliminates manual processes almost entirely for the borrower, the broker, and the lender.

It doesn’t matter what the document looks like or how it’s formatted, our AI engine reads and extracts the data to present back to the lender, broker, or aggregator client via an open API that will populate their ERP or CRM system.

It then does all the data verifications, fraud checks, and calculates things like net income, gross income, PAYG tax, super – it even categorises expenses from a bank statement. These are the sorts of processes that someone would typically be doing manually. So, effectively, a process that could take them hours is done in minutes.

Q. How else does DocuScan help brokers?

If an aggregator finds a compliance problem on a file, even if you are innocent and have just not picked it up through time, you’re going to have your accreditation cut.

Our DocuScan AI solutions are a way of protecting your business and ensuring compliance is accurate.

Q. What else is new from you?

We’ve launched Your Broker Fact Find (YourBFF), the last piece of digitising what a customer does.

At the moment, a broker will speak to a client two/three/four times in the loan process. Some will collect their fact-find information manually, as they’re talking to the customer. Others will send a link from their CRM system to the customer and then the customer has to sit there and physically enter data and do all the document processing.

To leave the customer all by themselves at 8.30pm at night to enter in the details of a fact find can be quite onerous and quite daunting. Brokers then have to get this information back and cross-reference documents. Someone may say, “Oh, my salary is $85,000”. But by the time it’s cross-referenced, it’s actually $83,800. That doesn’t sound like a lot, but today, with such tight servicing requirements, it’s wrong.

This product is designed to eliminate the back and forth with the customer.

Q. How does YourBFF work?

A link is sent to a customer and instead of that customer having to do all the data entry, they simply upload their documents into our artificial intelligence (AI) engine.

Our AI engine reads the documents, populates the fact find, and sends it back to the customer to be verified.

The broker gets a fully-fledged fact find delivered to them. They also get all the documents fraud checked and verified as accurate. They get all of that data sent to them and it [indicates] where the data comes from and from what documents the data is extracted.

And that process takes, from start to finish, maybe 10–15 minutes.

Q. How can brokers access YourBFF?

We’re working with tech vendors and aggregators to integrate into their platforms.

In the meantime, we’ll provide them with a portal and brokers will be able to log in, create and upload their documents, and then get all the information out of it.

Most of our target clients have their own tech stacks, so they build their own processes and their own systems to integrate into. We’ll provide an open API for any aggregator that wants to integrate it into their system and brokers will just pay for it on a user-fee basis.

Q. Why is it important for continued innovation in the lending space?

If you automate all those manual processes, then you can use your time better to actually speak to a customer and promote or cross-sell.

If I’ve sold you a mortgage, I’ve got all this information. I can then use technology to say, “Well, you’ve got a car loan. Why don’t we look at refinancing your car?”

That’s where technology helps. Our key is all about giving time back to brokers.