United StatesFinance and insurance2024 – ongoingFigure Technology Solutions
GPT-based 'stare and compare' document review tool
Figure said its OpenAI-based document comparison tool cut upfront manual review labor by 93%
Problem
Loan processors and originators compared loan documents and data side by side by eye. The work was slow and prone to error.
Approach
Figure built a tool on OpenAI's GPT. The team first extracted twelve areas of data points, trained the model on more than six years of origination data, and used feedback from its customer-facing curation team to tune accuracy and speed. The tool automates the document comparison step in loan origination.
Results
Takeaway
Figure reported a large labor reduction on one narrow step. It did not publish how it measured the 93%.
Categories
- Industry
- Finance and insurance
- Business function
- Production and quality
- Innovation type
- Process innovation
- AI technology
- Generative AI
- Adoption
- Off-the-shelf tool or platform
- Evidence
- Company's own claim
Sources
Source summaries
ITDigest carried Figure's release on a document comparison tool built on OpenAI's GPT. It describes how the model was built and trained and reports a 93% improvement in manual upfront document review labor as an initial result. It also gives an expected saving for a separate chatbot.
Full details are in the original sources.