Title

AWS re:Invent 2022 - Learn how Black Knight is using AI to accelerate mortgage workflows (AIM214)

Summary

• Adi Krishnan, AWS General Manager for Computer Vision Services, introduces Amazon Textract and its role in solving complex document processing challenges in the mortgage industry.
• Frank Poise, Business Strategy Director at Black Knight, discusses how Black Knight leverages AI and ML technologies, including Amazon Textract, to improve mortgage processing workflows.
• The mortgage industry is document-intensive, with a single loan packet containing hundreds to thousands of pages, making data extraction a significant challenge.
• Traditional methods like OCR, manual processing, and rule-based systems are inefficient, leading to lost revenue, slow processing, and higher costs.
• Amazon Textract offers advanced features for extracting text, tables, forms, and key-value pairs, preserving document context and improving accuracy and efficiency.
• Textract queries allow developers to use natural language to extract specific information from documents, improving accuracy for complex or unusual document layouts.
• Black Knight's AVA Document Service uses a combination of AWS infrastructure, Amazon Textract, and proprietary AI/ML models to classify over 800 document types and extract data points.
• The partnership between AWS and Black Knight has led to significant improvements in processing bank statements, a particularly complex document type.
• The Analyze Lending API was launched to streamline mortgage document processing workflows, offering a set of well-formed APIs for customers.
• Black Knight's use of AI and ML technologies has resulted in processing 14 million pages per month, extracting over 7 million data points, and delivering significant savings to clients.

Insights

• Despite advancements in digital technology, the mortgage industry still relies heavily on paper documents, creating a need for efficient document processing solutions.
• The complexity of mortgage documents, with their variety and lack of standardization, poses a significant challenge for data extraction and processing.
• Amazon Textract's advanced capabilities address the limitations of legacy OCR technology by providing context-preserving extraction and natural language query features.
• Black Knight's AVA Document Service exemplifies how AI and ML can be applied to a specific industry to solve longstanding inefficiencies and reduce costs.
• The collaboration between AWS and Black Knight demonstrates the potential for cloud-based AI services to transform industry-specific workflows and improve operational efficiency.
• The success story of Black Knight's implementation of Amazon Textract can serve as a model for other companies facing similar document processing challenges.
• AWS provides resources, including documentation, blog posts, and GitHub samples, to assist developers in adopting and integrating Textract into their own solutions.
• The case study highlights the importance of continuous innovation and partnership between technology providers and industry experts to address complex business challenges.