Credit unions form a unique community, offering members a “safe space” to discuss their finances and plan their futures. Often their members buy a home to start building wealth through homeownership.
These buyers expect a smooth and transparent process and a 24/7 connection to information. Even with the best online tools, human touch remains an important differentiator for credit unions, but everyone gets busy. Having help along the way is a key component in cultivating the member experience.
We think a modern LOS and AI-powered functionality can provide just the help credit unions need to jump forward into the future of serving these homebuyers.
How AI speeds and improves loan processing
It’s likely both you and your members already ask Siri or Alexa to play a song, set an alarm for 6 am or create a shopping list for next week. You still make the decision but get some help from letting AI handle simple tasks, so you can focus on the mission-critical tasks and get more done.
An LOS with integrated AI tools offers credit unions these same efficiencies but on a much broader, more beneficial and battle-tested scale. AI can automate repetitive mortgage tasks like getting data from documents by applying predictive AI, then using advanced business rules to identify discrepancies and exceptions. These exceptions can be configured to the credit union’s risk profile to detect anomalies — like a missing document or data that is inconsistent with the loan file — for human review and decision-making.
What’s impressive is that AI will perform this work with an accuracy level and speed that far surpasses human performance (and it will never ask for time off!).
What’s not to love about Aiva?
Pronounced like the name “Ava,” Dark Matter’s Aiva® AI Virtual Assistants are specifically designed and bundled for mortgage origination, helping lenders harness the power of AI, business rules and machine learning (ML) to automate manual tasks, reduce cycle times and enhance efficiency in loan processing.
Our deep understanding of mortgage processes guides the development of all of the Aiva assistants. We have deep roots in the mortgage industry and have worked with AI and machine learning for more than a decade with the goal of reshaping the industry landscape with seamlessly integrated, efficient and automated experiences.
These tools include:
- Aiva Docs (Classification and Extraction)
- Aiva Rules
- Aiva Assist (Income and Asset Verification, Post Close QC)
- Regulatory Assist℠
- Aiva BI
Aiva learns from you and grows with you
Using reinforcement learning models, each Aiva product increases its workload as it learns your unique business based on your business preferences. Aiva reads your loan documents, communicates with your LOS, and flags discrepancies (like missing data fields or documents) so the right person can review and make a decision on how to move forward.
Aiva solutions are modular so you can start small and gradually build out your AI strategy. As you grow more comfortable with how AI improves your workflow, you can bundle multiple services to increase productivity and realize additional cost savings.
They can be used stand-alone as well. So no matter what LOS you’re using you can still use our modular services to automate manual, repetitive processes so your staff can focus on higher-level decision-making.
Clear your calendar and make that soccer game
Aiva BI presents actionable data in easy-to-understand reports for front-line leaders as well as C-Suite leaders and gives great visibility into how the larger process is functioning.
In the past three years alone, Dark Matter has processed over 356 million pages in over 105 million documents and has extracted over 148 million data labels through Aiva. As of March 2024, Aiva Docs is classifying more than 1100 document types and extracting more than 1200 data elements, automating around 400 document types and 370 labels into the Empower® LOS at or above 99% accuracy across all clients (individual client performance can vary depending upon the quality of document and image inputs).
See us at ACUMA or MBA Annual
Dark Matter is committed to supporting its credit union customers and bringing them modern and proven technology to enhance the customer experience. Credit unions make up a significant portion of our customer base. In 2024 alone, we’ve brought on five new credit union customers, some large and some small. We feel each credit union’s desire to enhance the member experience is a perfect match for our AI-based technologies. We are also affiliate members of ACUMA and recently hosted Peter J. Benjamin, CMB, ACUMA’s president on our Spotlight podcast.
Want to know more? We’ll be at ACUMA’s Annual Meeting and MBA Annual, and we’d love to show you how Empower and Aiva can revolutionize the way you work.