Ocrulus, the New York-based technology firm serving mortgage and other lending businesses, announced it started utilizing OpenAI alongside other extraction tools to assist in the automation of document data extraction.
The company will leverage OpenAI embeddings with its own in-house technology and subsystems from Google and Amazon to obtain information from the data-rich documents lenders require, such as bank statements and paystubs. The company also will use the results obtained from the prior processing millions of forms to improve algorithms within its own system.
“What we found is that OpenAI is better at contextualizing some of the more challenging semistructured and unstructured documents compared to Google and Amazon,” said CEO Sam Bobley in an interview.
“Mortgage bankers and banks want this new type of technology. In order to really implement it, you need to have a waterfall approach,” he said. Bobley added that Ocrulus is aiming to utilize OpenAI to build a chat function into its client dashboard later this year.
