Finastra’s Filogix adds Gen AI tools for mortgage brokers

By Puja Sharma

Finastra, a financial services software firm, unveiled new generative AI (Gen AI) capabilities for its Filogix Expert Pro Canadian mortgage software. As part of Finastra’s continued commitment to embracing Gen AI to help customers deliver value faster, these latest enhancements drive efficiencies, saving brokers time and reducing the risk of manual errors.

Jonathan Wootten, Head of Filogix at Finastra, said, “Interest in Gen AI is showing rapid acceleration across the industry precisely because it can bring real value to our customers and, in turn, their customers. These enhancements are exciting because they reduce keying from scratch for brokers, saving significant time and contributing to speed of delivery. We are proud to be able to add this kind of functionality, especially as it complements our AI-based automated lender note capabilities already in the software.”

New Gen AI capabilities include:

Pro Chatbot: Helps mortgage professionals streamline their workflow and increase productivity by providing real-time answers to questions about Expert Pro. This reduces response time and improves customer satisfaction.

Auto Emails: Creates automated email drafts for borrowers in the CRM component of the application, helping brokers with suggested copy, tags and more when sending emails to customers.

Auto Email Summary: Summarises email content between the broker and client, providing an easily digestible view of all important points and updates. It also suggests relevant activities and notes to be added to the file, based on email exchanges.

Document Data Extraction: Extraction of key data points from income and property listing documents, saving time and increasing accuracy in data collection.

Adam Lieberman, Chief AI Officer at Finastra, said, “The latest Finastra Financial Services: State of the Nation Survey found that some 61% of financial institutions have recently adopted AI or improved their capabilities, twice as many as in 2022. The figure for generative AI (Gen AI) has increased more than for any other technology, with 35% of financial institutions saying they have done so. This is testament to the fast-paced landscape for this technology, and it is wonderful to see how large language models (LLMs), coupled with domain expertise and leading technology, can help drive value like this in Filogix.”

Filogix Expert Pro allows mortgage professionals to centralise their business through workflow optimisation, resulting in improved consumer experience, more time to manage new opportunities, and funding deals faster.