Ohio-based content services provider for the financial services industry, Hyland, has announced the launch of Brainware for Lending, an intelligent capture solution that accurately captures and classifies loan documents and integrates with the line of business tools to validate extracted data and fill missing information before delivering data to loan origination systems.
In a statement, Hyland said that by delivering greater transparency, lending institutions can process loans faster with fewer resources, and improve interactions with borrowers.
As the lending industry becomes increasingly complex, banks, lenders and loan servicers experience higher demand from customers for fast lending experiences.
At the same time, financial institutions have a greater focus on managing regulatory requirements, which increase per-loan costs and slow processing times.
“Brainware intelligent capture is an advanced technology that will fundamentally shift the way financial institutions process and service loans,” said Steve Comer, director of financial services sales at Hyland. “As a template-free solution, Brainware for Lending gives financial institutions the power to improve the consistency and quality of loan information throughout the loan life cycle, while reducing the cost of validating data.”
Brainware for Lending utilizes optical character recognition (OCR), intelligent capture and extraction functionality to significantly reduce human touch points and virtually eliminate manual document classification. Coupled with OnBase, Hyland’s content services platform, it provides financial institutions with an end-to-end digital lending process.
The company said that by leveraging Brainware for lending, financial institutions could better support compliance initiatives and requirements; decrease manual labor and per-loan process costs; and create a competitive advantage by closing loans faster.
For over 25 years, Hyland has enabled more than 19,000 organizations to digitize their workplaces and fundamentally transform their operations. Named one of Fortune’s Best Companies to Work For since 2014, Hyland is widely known as both a great company to work for and a great company to do business with.