Three Ways GLYNT Speeds Data for iBuyer and PropTech Services

by | Oct 3, 2019 | GLYNTBlog

Across the business landscape, companies and industries are engaging in a digital transformation that connect capital, consumer experiences and data in new ways. One of the most dramatic examples is the technology platforms that create a simple end-to-end experience of buying or selling a home. Imagine closing a home transaction in days not months. It is astounding at how many moving parts must come together with speed, from title to escrow to funding. The iBuyer and PropTech markets are pulling together these varied services and transforming them into technology platform features. That’s disruptive speed and scale.

BUT WHAT ABOUT DOCUMENTS?

Missing from this fast flow is the capture of data out of documents. In the back office, when PropTech company owns a home for 90 to 120 days, there is a stream of utility bills and contractor invoices.  How do you get the data out of these documents? And what about the consumer experience? Potential borrowers upload W-2s, paystubs and other common forms. How do you rapidly extract and match data for verification and loan qualification?  

GLYNT, an advanced machine learning system that transforms documents into data, is a solution for many of the diverse types of documents processed in the iBuyer and PropTech sector. GLYNT quickly customizes the data capture to your desired fields and to your document flow, delivering an average 98% accuracy from the start. With high straight-through processing results, the need for manual review for verification and exceptions drops significantly, leading to much faster data flows and lower costs. 

Here are three examples of how GLYNT speeds data flows in the PropTech sector:

1. CONQUER UTILITY BILLS: HANDLE THESE DIVERSE AND DENSE DOCUMENTS IN EVERY CITY MARKET

Every home has electricity, water, sewer and waste bills. Often from multiple providers. Some homes also have a natural gas service. GLYNT’s first use case was utility bills, so we have pre-built solutions for utilities across the U.S., and today GLYNT is the leading automated utility bill data service. Send us sample bills, tell us what fields you want and we’ll set up the streaming service by city market. Your team simply forwards the bills, GLYNT reads the data and it comes back to you in minutes.

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2. MAKE IT SIMPLE: AUTOMATE DATA CAPTURE ACROSS DOCUMENT VARIETY
The same simple set up works for the other invoices flowing in. Just send us sample invoices, tell us the fields you want and we’ll set up a streaming data extraction service by city market. GLYNT was built to quickly customize its data extraction capabilities, and works well on loosely structured documents such as forms, invoices, shipping manifests and so on. (GLYNT is not useful for legal contracts and other word-dense unstructured documents.)
The document challenge is not just a back office problem, often it can block the front-end consumer experience too. Borrowers are asked to send in a variety of pdfs – W-2s, paystubs, bank statements and more. A speedy close on the loan is a key part of the consumer experience. High quality automated data capture flow essential. GLYNT can handle this front-office experience too, automatically extracting data out of a stream of borrower documents.
3. GET THE WINS: SPEED AND SCALE
As the iBuyer technology platforms are built out, wins are measured by how many weeks or days are shaved off of the customer experience. GLYNT is ready for this acceleration. GLYNT is built on a self-contained and elastic AI workbench, with the ability to parallelize workflows. Speed GLYNT by adding compute power. From the supporting technology infrastructure to the high accuracy of straight through processing, GLYNT is ready to meet the needs of speed and scale of the PropTech market.
IBuyer and PropTech platforms take cost and pain out of buying and selling homes. With lower expenses, increased transparency and a more simple consumer experience, home ownership becomes accessible to American families. Here at GLYNT we are simply delighted to be part of this hugely significant digital transformation.
Ready to see more? Contact GLYNT for a product demo today!
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