AI Foundry: Improving efficiency and overall customer experience

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Steve Butler, Founder and President

Company: AI Foundry,

About:

Steve Butler is founder and president of AI Foundry, which is based in Wakefield, Massachusetts. AI Foundry automates and streamlines enterprise business operations, creating software solutions that make data “actionable.” Butler’s leadership includes CEO positions for high-performance data analysis, enterprise software, system management and CAE companies.

AI Foundry offers a Cognitive Business Automation platform that incorporates the most recent advances in AI, machine learning, and machine vision technologies. The patent-pending technology automates procedures by extracting data from electronic documents and images with high accuracy and little human interaction. Agile Mortgages solution, built on the Cognitive Business Automation platform, automates the loan process completely, minimizes manual document inspection, and improves efficiency across POS and LOS. Wyndham Capital Mortgage, a prominent digital home lending provider, announced that in collaboration with the Agile Mortgages solution from AI Foundry, it is leveraging the mortgage expertise of the cognitive robot to expedite the loan origination process. This AI-powered solution will assist Wyndham Capital Mortgage increase scalability on new loan volumes, lower expenses to pass savings on to customers, and eliminate repetitive tasks for operations workers. Wyndham Capital Mortgage CEO, Jeff Douglas, states, “Wyndham Capital Mortgage’s strategy is to be a leader in utilizing automation and particularly robotic processing technologies. By implementing Agile Mortgage’s cognitive robots we are now able to push deeper into loan processing stages where document and decision complexity limited automation gains.” The Cognitive Business Automation platform from AI Foundry is intended for companies who want to streamline and accelerate project processing to improve business operations and cut expenses. Banks and other lenders are successfully using Agile Mortgages to drastically enhance the pace of administrative mortgage processing while boosting accuracy by minimizing loan defects.
“Today, more than ever, the mortgage industry is embracing automation as a necessity. We have long been a leader in using technology and robotics to transform our processes and move them into a place where they show real benefits to all involved, from loan officers to consumers.” Says Ben Cowen, President at Wyndham Capital mortgage. Steve Butler, president and founder of AI Foundry, says, “Wyndham is a great partner to work with. They are committed to the automation vision and demand significant and measurable returns on investments from any robotic processing and AI investments that they make. We are really excited to have reached production usage with Wyndham and to be part of the plans for further expansion based around our cognitive robots.” Thanks to its model-driven microservices structure, the platform automates operations by swiftly collecting data from documents with higher precision and less manual involvement, which promotes faster development and better performance. AI Foundry guarantees a 2-hour turnaround time when using a cognitive robot and a 4-hour turnaround when creating a correspondent loan package. All of them are 99% effective immediately. AI Foundry developed a representation model in partnership with the customer and data scientists to pre-process data into a robust training data set that combines content, character, and significance. The technology automates document-centric procedures by utilizing ML and vision-based image recognition. Their Cognitive Business Automation technology, which includes intelligent robots, enables significant gains in production, interface, and implementation.