This week, Google announced its partnership with Roostify in the launch of Lending DocAI, software that collects and extracts information from mortgage documents. The technology is Google's first product for the financial services sector.
Roostify facilitates mortgages and home equity loans through digital engagement between banks, consumers and third parties on its credit platform. Google's software aims to speed up mortgage completion by precisely automating the collection of document data and credit decision making through artificial intelligence. The partnership, which began in late 2019, will leverage Roostify's operational scale and customer roster, as well as Google's computing power and artificial intelligence capabilities.
Google's product, which is similar to Blend and Ocrolus', doesn't compete with Roostify's offerings, and Bhat isn't concerned about the possibility of Google's technology dwarfing its own in the mortgage space. He sees the partnership as a "strategic bet" and a "central point of value" for his company's customers.
"What we're doing is extremely idiosyncratic," said Bhat. "I think from their point of view they realize they are able to use those skills and deliver real value. The businesses are really built on partnerships with companies like us that have a good understanding of the workflow and delivering results . "
This wouldn't be the first time a tech giant has stepped into lending in recent years. Google and Amazon have obvious notoriety, with some in the industry viewing them as net gains rather than potential losses in market share.
"Whenever a technology giant or a large company wants to move into the mortgage sector, I see it positively," said Paul Anastos, Chief Innovation Officer at Guaranteed Rate, in an interview. "It is likely an endorsement that this is a big, high-potential industry that bigger technology can keep growing. This is helping to drive this forward. We see this as just a good thing."