Latest news with #IntelligentDocumentProcessing
Yahoo
21-05-2025
- Business
- Yahoo
AI Revolutionizes Non-Bank Mortgage Lending: Insights from HFS Research and Cognizant
New study highlights how 2025 will be a turning point as technology redefines experience, operations, and value across the mortgage lifecycle. Key Findings: 74% of non-bank lenders are betting on innovation to drive differentiation, while only 21% believe they are leading the pack—revealing a significant gap and opportunity to innovate. Agentic AI is becoming the next big play, merging GenAI's cognitive reasoning with automation's precision—ushering in task-fulfilling "agents" that scale beyond efficiency into execution. Only 51% of lenders feel fully prepared for compliance risk, with some receiving up to 1,700 regulatory alerts in 2024—25% with direct business impact. Demonstrating ROI is critical. Intelligent Document Processing (IDP) is winning over lenders for its fast returns—especially where paper still rules. Outsourcing is being redefined. Full-service partnerships are expected to rise from 30% to 42% by 2026, measured by growth outcomes instead of simply on cost. Automation will reach 68% of mortgage operations by 2026, signaling a shift from task-level wins to blending technology, human expertise, and continuous improvement into an intuitive tech-to-ops cycle in mortgage operations. NEW YORK, May 21, 2025 /PRNewswire/ -- In a rapidly evolving housing economy, non-bank mortgage lenders are facing a wake-up call. A new joint study by HFS Research and Cognizant, "Reinventing the Non-Bank Mortgage Lending Journey in the Age of AI," reveals an industry grappling with operational fatigue, regulatory pressure, and fast-moving tech disruptions—while a small but bold segment rewrites the mortgage playbook. Drawing insights from 257 non-bank lenders and ecosystem partners, the report delivers a sobering yet hopeful look at the next chapter for mortgage lending. From the emergence of Agentic AI to the reconfiguration of outsourcing strategies, lenders are being challenged to trade reactive cost-cutting for purposeful innovation. "The fundamentals of lending haven't changed—the loan is still a loan. What's changed is the speed, intelligence, and precision with which it's delivered. This is no longer just about access to capital—it's about how seamlessly, securely, and smartly capital flows through digital channels," says Saurabh Gupta, President, Research and Advisory Services, HFS Research. "The ones who go all-in—building digital-first, modular, and intelligent operations—will define the next era of mortgage lending. The rest? They risk being left behind." Powerful Data-Driven Insights: The research reveals that although 2025 is being eyed as a rebuild year, many lenders are stuck playing defense. As lending platforms modernize, access to mortgage capital is becoming faster, smarter, and more modular. Yet, only 21% of lenders consider themselves true innovators. The rest? They're either chasing parity or struggling to catch up. Compliance is also hitting a breaking point. One executive shared they received over 1,700 regulatory alerts last year—nearly one in four with direct business consequences. The result: compliance is now a 24/7 operation, and tech investment is the only scalable solution. Divya Iyer, Practice Leader, BFSI, HFS Research, adds, "We're seeing real momentum around Agentic AI—where GenAI meets the execution muscle of automation. But it's not the only force driving change. Technologies like IDP are bridging the gap in paper-heavy workflows, proving that meaningful transformation doesn't have to wait for full digital maturity." What Lenders Need to Do Next: Move beyond legacy constraints. 58% of lenders still can't support real-time integration—limiting data agility and delaying decision-making. Prioritize technology with measurable outcomes. Tools like IDP, AI underwriting, and cybersecurity are driving rapid ROI, while GenAI is expanding into core operations. Redefine outsourcing partnerships. Lenders must move beyond tactical cost-cutting to leverage partners for platform modernization, AI deployment, and full-service scalability. Focus on value creation—not just efficiency. The winners will blend automation, data platforms, and talent into a cohesive tech-to-ops cycle. "In the rapidly evolving landscape of non-bank mortgage lending, there is a critical need for innovation and agility," said Ajay Pandita, Senior Vice President and Financial Services, Fintech and Insurance Business Unit Leader, of Cognizant. "As we navigate through operational fatigue, regulatory pressures, and technological disruptions, it is imperative that we embrace purposeful innovation and redefine our strategies. The emergence of Agentic AI and IDP are just the beginning. By prioritizing technology with measurable outcomes and leveraging full-service partnerships, we can transform the mortgage lending journey and lead the industry into a new era of efficiency and value creation." Download the full report: Reinventing the Non-Bank Mortgage Lending Journey in the Age of AIReinventing non-bank mortgage lending journey in the age of AI - HFS Research About HFS ResearchHFS Research is a leading global research and advisory firm that helps Fortune 500 companies navigate IT and business transformation with fearless insights and actionable strategies. With unrivaled access to Global 2000 executives, HFS empowers organizations to make confident technology and service decisions that drive competitive advantage. For more information, visit About CognizantCognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at or @cognizant. Forward-Looking Statements This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the adoption of generative and/or agentic artificial intelligence, the effects of such artificial intelligence on the mortgage lending industry and the competitive opportunities in the marketplace. These statements are neither promises nor guarantees but are the findings of the study discussed above and remain subject to a variety of risks and uncertainties, many of which are beyond Cognizant's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause outcomes to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets Cognizant and its clients compete in, and the other factors discussed in Cognizant's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. 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Yahoo
21-05-2025
- Business
- Yahoo
AI Revolutionizes Non-Bank Mortgage Lending: Insights from HFS Research and Cognizant
New study highlights how 2025 will be a turning point as technology redefines experience, operations, and value across the mortgage lifecycle. Key Findings: 74% of non-bank lenders are betting on innovation to drive differentiation, while only 21% believe they are leading the pack—revealing a significant gap and opportunity to innovate. Agentic AI is becoming the next big play, merging GenAI's cognitive reasoning with automation's precision—ushering in task-fulfilling "agents" that scale beyond efficiency into execution. Only 51% of lenders feel fully prepared for compliance risk, with some receiving up to 1,700 regulatory alerts in 2024—25% with direct business impact. Demonstrating ROI is critical. Intelligent Document Processing (IDP) is winning over lenders for its fast returns—especially where paper still rules. Outsourcing is being redefined. Full-service partnerships are expected to rise from 30% to 42% by 2026, measured by growth outcomes instead of simply on cost. Automation will reach 68% of mortgage operations by 2026, signaling a shift from task-level wins to blending technology, human expertise, and continuous improvement into an intuitive tech-to-ops cycle in mortgage operations. NEW YORK, May 21, 2025 /PRNewswire/ -- In a rapidly evolving housing economy, non-bank mortgage lenders are facing a wake-up call. A new joint study by HFS Research and Cognizant, "Reinventing the Non-Bank Mortgage Lending Journey in the Age of AI," reveals an industry grappling with operational fatigue, regulatory pressure, and fast-moving tech disruptions—while a small but bold segment rewrites the mortgage playbook. Drawing insights from 257 non-bank lenders and ecosystem partners, the report delivers a sobering yet hopeful look at the next chapter for mortgage lending. From the emergence of Agentic AI to the reconfiguration of outsourcing strategies, lenders are being challenged to trade reactive cost-cutting for purposeful innovation. "The fundamentals of lending haven't changed—the loan is still a loan. What's changed is the speed, intelligence, and precision with which it's delivered. This is no longer just about access to capital—it's about how seamlessly, securely, and smartly capital flows through digital channels," says Saurabh Gupta, President, Research and Advisory Services, HFS Research. "The ones who go all-in—building digital-first, modular, and intelligent operations—will define the next era of mortgage lending. The rest? They risk being left behind." Powerful Data-Driven Insights: The research reveals that although 2025 is being eyed as a rebuild year, many lenders are stuck playing defense. As lending platforms modernize, access to mortgage capital is becoming faster, smarter, and more modular. Yet, only 21% of lenders consider themselves true innovators. The rest? They're either chasing parity or struggling to catch up. Compliance is also hitting a breaking point. One executive shared they received over 1,700 regulatory alerts last year—nearly one in four with direct business consequences. The result: compliance is now a 24/7 operation, and tech investment is the only scalable solution. Divya Iyer, Practice Leader, BFSI, HFS Research, adds, "We're seeing real momentum around Agentic AI—where GenAI meets the execution muscle of automation. But it's not the only force driving change. Technologies like IDP are bridging the gap in paper-heavy workflows, proving that meaningful transformation doesn't have to wait for full digital maturity." What Lenders Need to Do Next: Move beyond legacy constraints. 58% of lenders still can't support real-time integration—limiting data agility and delaying decision-making. Prioritize technology with measurable outcomes. Tools like IDP, AI underwriting, and cybersecurity are driving rapid ROI, while GenAI is expanding into core operations. Redefine outsourcing partnerships. Lenders must move beyond tactical cost-cutting to leverage partners for platform modernization, AI deployment, and full-service scalability. Focus on value creation—not just efficiency. The winners will blend automation, data platforms, and talent into a cohesive tech-to-ops cycle. "In the rapidly evolving landscape of non-bank mortgage lending, there is a critical need for innovation and agility," said Ajay Pandita, Senior Vice President and Financial Services, Fintech and Insurance Business Unit Leader, of Cognizant. "As we navigate through operational fatigue, regulatory pressures, and technological disruptions, it is imperative that we embrace purposeful innovation and redefine our strategies. The emergence of Agentic AI and IDP are just the beginning. By prioritizing technology with measurable outcomes and leveraging full-service partnerships, we can transform the mortgage lending journey and lead the industry into a new era of efficiency and value creation." Download the full report: Reinventing the Non-Bank Mortgage Lending Journey in the Age of AIReinventing non-bank mortgage lending journey in the age of AI - HFS Research About HFS ResearchHFS Research is a leading global research and advisory firm that helps Fortune 500 companies navigate IT and business transformation with fearless insights and actionable strategies. With unrivaled access to Global 2000 executives, HFS empowers organizations to make confident technology and service decisions that drive competitive advantage. For more information, visit About CognizantCognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at or @cognizant. Forward-Looking Statements This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the adoption of generative and/or agentic artificial intelligence, the effects of such artificial intelligence on the mortgage lending industry and the competitive opportunities in the marketplace. These statements are neither promises nor guarantees but are the findings of the study discussed above and remain subject to a variety of risks and uncertainties, many of which are beyond Cognizant's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause outcomes to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets Cognizant and its clients compete in, and the other factors discussed in Cognizant's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. View original content to download multimedia: SOURCE HFS Research
Business Wire
09-05-2025
- Business
- Business Wire
Infrrd's Recognition as ‘IDP Innovator of the Year' by Deep Analysis: A Look at the Best OCR & IDP Software
SAN JOSE, Calif.--(BUSINESS WIRE)--Infrrd, a global leader in Intelligent Document Processing (IDP), has been awarded the IDP Innovator of the Year by Deep Analysis. This recognition highlights Infrrd's continued commitment to pushing the boundaries of innovation and delivering cutting-edge solutions for document automation. 'One example that blew us away: Infrrd has added visual document processing models into a product offering targeted for the construction industry.' — Deep Analysis 'This company believes in rewarding innovation.' — Deep Analysis Each year, Deep Analysis—a leading research and advisory firm specializing in AI and automation—reviews hundreds of Best Intelligent Document Processing vendors, cutting through marketing buzzwords to spotlight true innovation. In their latest report, Infrrd stood out among intense competition to earn this prestigious title. The award was announced in Deep Analysis's latest report, " Intelligent Document Processing Market Analysis 2025–2028: IDP at the Crossroads." The report offers a comprehensive look at the evolution of Intelligent Document Processing (IDP), covering the industry's progress through the four waves of development and providing an in-depth analysis of how IDP is advancing with AI. Top IDP software now goes far beyond traditional OCR. It can read, understand, and extract data from documents using machine learning, natural language processing, large language models (LLMs), and generative AI (GenAI). Today, IDP is used across various tasks—from complex back-office claims processing to individual productivity use cases. The report highlights three major trends reshaping IDP or Document Data Extraction: AI Agents – Intelligent tools that automate decision-making and routine document tasks like fraud detection, underwriting recommendations, or data entry. Generative AI [LLMs] – The best LLMs for data extraction are now adopted by 86% of IDP vendors, enabling data extraction and summarization without prior training. IDP Everywhere – With tools like Microsoft Copilot, IDP functionality is being embedded directly into everyday apps and operating systems. YOU CAN DOWNLOAD THE FULL REPORT HERE. Innovation has always been at the core of Infrrd's mission, and this recognition is a testament to that commitment. Securing the Innovator of the Year title was no small feat as Infrrd was evaluated alongside hundreds of top IDP vendors and ultimately shortlisted with some of the industry's largest and most established players, such as Hyperscience, UiPath, and Rossum. In such a competitive landscape, this acknowledgment marks a significant and proud milestone for the company. 'One example that blew us away: Infrrd has added visual document processing models into a product offering targeted for the construction industry.' — Deep Analysis Founded in 2016, Infrrd has long been a pioneer in the IDP space, consistently delivering intelligent, industry-specific solutions that help businesses automate document-heavy processes. Twelve awarded patents back the company's innovations and have earned recognition from renowned analyst firms, including Gartner, IDC, Everest Group, ISG, Zinnov Zones, and GigaOm. 'This award is a proud moment for us,' said Amit Jnagal, Founder and CEO of Infrrd. 'We've always believed in solving the hardest problems with out-of-the-box solutions. Competing against hundreds of companies and being recognized as the top innovator confirms that we're on the right path.' Infrrd's success is powered by its dedicated R&D team and a culture that fosters experimentation and breakthrough thinking. The company continues to invest heavily in research to ensure its solutions remain at the forefront of the evolving document processing landscape. For more on Infrrd's latest innovations and industry recognition, click here. About Infrrd Founded in 2016, Infrrd is a leading provider of Intelligent Document Processing solutions. The company leverages AI-powered technology to help businesses automate complex document workflows, improve operational efficiency, and accelerate time-to-value. With a strong focus on innovation and customer success, Infrrd delivers tailored solutions to clients across industries worldwide. About Deep Analysis Deep Analysis is an independent research and advisory firm that helps organizations understand and navigate complex technologies such as AI, automation, and document processing. With a focus on unstructured data and digital transformation, the firm provides in-depth evaluations, strategic guidance, and market insights to technology buyers and vendors.
Malaysian Reserve
08-05-2025
- Business
- Malaysian Reserve
HuLoop Launches New AI-Powered Modules to Unify, Streamline Work
Workflow Orchestration, Document Understanding Modules to Drive Increased Efficiency, Productivity Across Financial Services, Commerce Industries AUBURN, Calif., May 8, 2025 /PRNewswire/ — HuLoop Automation, a leader in AI-powered work intelligence, today announced the launch of two powerful new modules; Intelligent Workflow Orchestration (IWO), and Intelligent Document Processing (IDP) —as part of its expanded Unified Work Intelligence Platform. These new capabilities build upon HuLoop's strengths in Intelligent Productivity Discovery (IPD), Intelligent Process Automation (IPA), and Intelligent Test Automation (ITA), resulting in a fully integrated, no-code platform that helps organizations do more with less—without replacing their existing systems. Together, HuLoop's five intelligent modules work in harmony to help organizations discover inefficiencies, orchestrate workflows, automate manual tasks, process documents, and test systems—all while keeping people at the center of the work. With HuLoop's Human-in-the-Loop ethos, digital agents empower employees rather than replace them, ensuring that automation drives efficiency and improves employee experience. Intelligent Workflow Orchestration (IWO) enables organizations to map, define, and guide business processes across departments and applications. By orchestrating work in real-time and integrating human input, IWO ensures compliance, accelerates decisions, and reduces reliance on tribal knowledge—without requiring coding expertise. Intelligent Document Processing (IDP) eliminates tedious data entry by using AI to intelligently read, extract, and validate information from structured and unstructured documents like invoices, forms, applications, and orders. IDP routes data into downstream systems and integrates optional human review steps to ensure quality and compliance. 'These two new modules represent a major step forward in our mission to unify, streamline and automate how work occurs,' said Todd P. Michaud, CEO of HuLoop Automation. 'By adding workflow orchestration and document processing to our discovery, automation, and testing suite, we've created a fully unified platform for work optimization. It's simple, fast, and affordable, designed to empower real employees to be more productive, so they can focus on more valuable activities.' HuLoop's Unified Work Intelligence Platform is ideal for organizations seeking scalable, regulator-friendly AI solutions that enhance productivity, reduce operational costs, and deliver 10 to 20x ROI—all without increasing headcount. About HuLoop AutomationHuLoop Automation is a comprehensive AI-based future of work platform for financial institutions, retailers, and other industries, providing organizations of all sizes with industry-specific tools that streamline work, automate manual processes, and increase efficiency. Driven by its 'human-in-the-loop' philosophy, HuLoop Automation is dedicated to improving the workers' experience by giving them more time to be more productive. Media ContactPatrick GuilshanAccount Representativepatrick@ 781-7232
Yahoo
05-05-2025
- Business
- Yahoo
ABBYY Positioned a Leader for the 7th Time in Everest Group's Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2025
AUSTIN, Texas, May 05, 2025--(BUSINESS WIRE)--For the seventh year in a row, ABBYY is recognized as a Leader in Everest Group's Intelligent Document Processing (IDP) and Banking and Financial Services (BFS)-specific IDP Products PEAK Matrix® Assessment 2025. With businesses facing increasing pressure to reliably automate document-centric processes to reduce costs and improve efficiency, the IDP Products PEAK Matrix® Assessment provides expert analysis of IDP offerings including those specific to the banking and financial services (BFS) industry. Everest Group's comprehensive IDP PEAK Matrix® Assessment 2025 evaluates the market impact, vision, and capabilities of IDP technology providers, identifying industry leaders that demonstrate excellence in innovation, strategy, and implementation. The 2025 assessment highlights ABBYY IDP solutions' capability to "integrate and optimize multiple AI models, ensuring efficient outcomes while minimizing resource use at each stage of the document processing pipeline," specifically recognizing the ability to integrate quality analytics and business process reporting capabilities with PowerBI and/or ABBYY Timeline to improve understanding of document process performance. Vaibhav Bansal, VP at Everest Group, commented, "Our latest assessment acknowledges the ABBYY platform's use of generative AI to enhance software learning and training, such as the multi-modal Phoenix 1.0 model's combination of advanced image and text analysis and zero-shot key-value pair extraction capabilities. Additionally, ABBYY is among the top technology providers by IDP software revenue across major industry-specific business processes for healthcare, banking, government sector and insurance, supported by its online marketplace, Skills Catalog, and 150+ pre-packaged OOTB solutions for use cases across industries and business functions." ABBYY's portfolio of Document AI and IDP solutions has integrated with generative AI and business-critical systems to achieve transformative results such as: 82% accurate data extraction from over 30 thousand commercial lease documents processed annually 40% reduction in manual data entry errors and 35% reduction in cost across several document-driven processes 99% straight-through processing to accelerate delivery of goods to market by 95% "Increased use of large language models and agentic AI in IDP have shifted the conversation from just data extraction to driving insights and automation at a scale we've never seen before," said Bruce Orcutt, Chief Marketing Officer at ABBYY. "Generative AI is opening the door to entirely new IDP use cases, but delivering lasting business value requires consistent and high-quality data. With ABBYY's globally expanding AI research initiatives and innovation in developer-friendly tools for document automation, we look forward to continuing leading the industry in enabling data-driven operational excellence and solving customers' most central document challenges." The Banking and Financial Services (BFS)-specific IDP Products PEAK Matrix® analyzes IDP providers with capabilities specific to the BFS industry, helping financial institutions to identify the right IDP technology to enable operational excellence for their organization in highly regulated contexts. ABBYY was also recognized as a Leader among BFS-specific IDP vendors, recognized for delivering accuracy, scalability and value with cutting-edge document AI. Through next-gen IDP solutions like ABBYY Vantage, ABBYY equips companies to process diverse document types with 99% accuracy out of the box, deliver seamless customer experiences for mobile onboarding trusted by 14 of the top 20 global banks, and enable monitoring of 100% of document-centric processes. To read the full report, visit About ABBYY ABBYY puts your information to work with purpose-built AI. We combine innovation and experience to transform data from business-critical documents into intelligent actionable outcomes in over 200 languages in real time. We are trusted by more than 10,000 companies globally, including many of the Fortune 500, to drive significant impact where it matters most: accelerate the customer experience, operational excellence, and competitive advantage. ABBYY is a global company with headquarters in Austin, Texas and offices in 13 countries, and is the Official Intelligent Automation Partner of Arsenal Women Football Club. For more information, visit and follow us on LinkedIn, X, Facebook, and Instagram. ABBYY can either be a registered trademark or a trademark and can also be a logo, a company name (or part of it), or part of a product name of ABBYY group companies and may not be used without consent of its respective owners. Disclaimer Licensed extracts taken from Everest Group's PEAK Matrix® Reports, may be used by licensed third parties for use in their own marketing and promotional activities and collateral. Selected extracts from Everest Group's PEAK Matrix® reports do not necessarily provide the full context of our research and analysis. All research and analysis conducted by Everest Group's analysts and included in Everest Group's PEAK Matrix® reports is independent and no organization has paid a fee to be featured or to influence their ranking. To access the complete research and to learn more about our methodology, please visit Everest Group PEAK Matrix® Reports. About Everest Group Everest Group is a leading global research firm helping business leaders make confident decisions. Everest Group's PEAK Matrix® assessments provide the analysis and insights enterprises need to make critical selection decisions about global services providers, locations, and products and solutions within various market segments. Likewise, providers of these services, products, and solutions, look to the PEAK Matrix® to gauge and calibrate their offerings against others in the industry or market. Find further details and in-depth content at View source version on Contacts ABBYY Editorial Contacts: Gina Ray, APRSenior Director of Corporate Sign in to access your portfolio
