A Microsoft technical evangelist predicted artificial intelligence (AI) will generate £40bn in the next three years at a seminar in London last week, adding that 85% of all firms will harness the technology in at least one process over the next two years.
At the Dock9 event badged ‘Mortgage AI: the current reality’, Gabriel Nepomuceno said the vast amount of data created everyday is driving the evolution of AI.
He said that 50% of apps globally have AI capability, but mortgage brokers were likely to see the “biggest transformation through commercial processes, changing the way you do business”.
He outlined US small business lender Quarterspot that is using AI to do elements of risk analysis, which it confirmed brought the firm an 85% saving in risk and underwriting costs, 50% less loan defaults and a 15% increase in loan volumes.
Nepumuceno said: “AI is not about taking jobs, it’s about taking the boring bit of the job away.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.