Artificial Intelligence continues to be used in a variety of ways, such as in the healthcare sector, entertainment and especially when it comes to businesses. This especially stands out with the recent announcement that Black Knight’s acquisition shows their intention to incorporate AI into their solutions while making artificial intelligence technology available to their clients.
Black Knight’s Acquisition of HeavyWater is a Game Changer
Writer Kelsey Ramirez from HousingWire posted on Monday that the Black Knight corporation, which provides analytics solutions, integrated technology services and data to the real estate and mortgage industries, has acquired HeavyWater; they are a provider of machine learning and artificial intelligence to the industry of financial services.
According to Black Knight, they plan on integrating HeavyWater’s AIVA solution into their premier solutions; this will leverage machine learning and AI to perform more efficiently operational functions than traditional methods would. Also, they plan on making this technology available to their clients who are seeking to utilize artificial intelligence within other areas of their organizations.
Black Knight’s CEO Anthony Jabbour said that with the cost of origination and servicing at, or near, all-time highs, AIVA is poised to help increase efficiencies for Black Knight clients. AI, machine learning and neural network solutions are the future of delivering enhanced productivity and capabilities to our clients, and we are very excited about the potential HeavyWater has to offer. Jabbour added that now, with HeavyWater a part of Black Knight, we’ll be able to apply this groundbreaking technology at scale and pursue our shared goal of transforming the industry.
Clients Will Benefit from New Technology
Breaking down what it will do, AIVA will look at, comprehend and finally draws conclusions that is based on context to mimic cognitive thinking while over time, it will even build expertise. Tasks that it can perform are helping lenders to verify income, assets as well as insurance coverage; this would normally take hours to manually complete.
HeavyWater CEO Soofi Safavi said that our focus has always been on pioneering research in machine learning and artificial intelligence and applying it to the financial services industry. By using sophisticated neural networks and ‘contextual knowledge’ to continuously improve AIVA’s learning and performance, we’ve helped our clients save money, increase efficiencies and reduce turn time.
The mortgage industry has recently seen a growing presence of artificial intelligence as early as last month, it was announced by Bank of America that AI can be used by their customers to pay their mortgage while it was announced by Mr. Cooper that homeowners can use its’ new AI-driven mobile app.
The fact is, more and more companies are acquiring machine learning and artificial intelligence for a variety of reasons and uses. Even one expert, Tavant Technologies’ Atul Varshneya, took the time recently talked with HousingWire’s Content Solutions Managing Editor Sarah Wheeler. The discussion was about the advancements in the industry’s AI, the possible changes that is could bring to lenders soon and what would be the next steps in developing technologies in artificial intelligence.