AI removes the grey, in a world of black and whites.
BATSOFTWARE’s AI tool is gaining traction, as the firm have been giving demonstrations across the country.
The AI tool examines the standard documents that are submitted as part of any file check, and several large networks have now contracted to use this tool.
It sorts the IFA or mortgage broker files into categories and checks them for completeness.
This task represents about twenty five per cent of a file checker’s time.
Most qualified and experienced file checkers are paid about £60k pa, so a quick mental calculation shows that your firm could be saving £15k per annum, or the part time equivalent.
The file score of “unclear”, due to lack of documentation, has been eradicated.
Now that is good news.
According to the FCA, some twenty per cent of all files submitted to them remain unclassified, as documents are missing.
What a waste of time! In future, all files submitted to compliance teams will either be suitable, or unsuitable.
There is no grey area.
Black and white, where AI removes the grey.
And better still, the adviser will use the tool at input, and won’t get paid until the traffic light shows green for “complete”.
This is stage one of the AI file checker tool completed.