Tag Archives: Google Cloud

Business, Tech

A mortgage documentation solution by Google Cloud – “Lending DocAI”

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Introduction:

Google cloud is targeting to revolutionize the mortgage industry with its new artificial intelligence (Ai) tool called ‘Lending DocAI’. Google Cloud has introduced a new AI tool specifically created to speed up the extremely slow mortgage application process.


The new Lending DocAI is aimed to decrease the time and cost of closing loans for the mortgage industry. Artificial intelligence (AI) offering simplified data capture from the piles of scanned and digital documents specifying browsers’ income, belongings, and other loan application information.


Lending Institutes have to go through hundreds of pages of paperwork for every single loan they handle, a mainly labor-intensive, time-taking task that can add up thousands of bucks to the price of allotting a loan, according to Sudheera Vanguri, Google Cloud’s document AI product manager.


Vanguri wrote that unlike different generalized competitive offerings in the market, Lending DocAI provides industry-leading data accuracy for documents relevant leading. This tool will help in automation of different routine documents so that the providers can focus on their decisions.

She also wrote that our goal is to give you the proper tools to help borrowers and lenders have a better experience and to close the mortgage loans in shorter time frames that will certainly benefit all the parties involved. She further said that by using this tool, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements.


In the product demonstration, Google showed how the system is capable to analyze, extract vital information containing invoice/tax figures, employer details, addresses, and Social Security statistics. Data capture can also be useful for document authentication and insurance.


Google claims that the new technology will also “reduce risk and enhance compliance posture”. Data Access controls and high-end security features are all-inclusive to lure potential customers/users by “reducing the risk of implementing an AI strategy.”


In best ways, this new creation of Google under the leadership of the current CEO ‘Thomas Kurian’ promises a bigger generation of benefit for retailer companies and hence generating the most revenue within the industry.


Benefits Of Lending DocI:

Here are some of the major benefits of this tool.

  • Intensification of effective efficiency in the loan allotting system:

The speediness of the mortgage workflow contributes to easily progression of loans, systematic document data capture while protecting the precision of various documents.

  • Advancement of home loan experience:

Decreases the complications of document process automation. Facilitate mortgage applications to be more easily processed across all the levels of mortgage development and quicken time to close in the loan procedure.

  • Support administrative and compliance requests:

Improve your compliance stance by utilizing technology for data access controls and providing top-notch security for customers’ information.

Google argues that its tool will improve the experience for borrowers among different benefits it guarantees its users in the future.

Tech

Nokia Signs Deal with Google Cloud – Another Win for U.S Company

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History of Nokia:
Nokia is a Finnish multinational telecommunication company that was built in 1865. It had been ruling over the world since the 1990’s often called the King of Mobile phones. However, the Finnish company has been on a roller coaster ride for the past few years. Leading as the world’s biggest telecommunication company, Nokia saw a huge decline in the market after Apple started launching its iPhone.

In 2010 the market value of Nokia drastically decreased by about 90% and even the quality of the Nokia phones suffered the impact. With competition getting high, Nokia leaders didn’t acknowledge their gaps and kept a blind eye to the shift which the industry was making at that time.


Things went down a rough path and in 2013, Nokia was acquired by Microsoft as the company couldn’t hold its ground amongst its competitors. Since then Microsoft has worked hard on improving the operational features of smartphones launched by Nokia. Now Nokia phones aren’t in the mainstream yet they are still liked by their hardcore fans.


Nokia signs Five-year Deal with Google Cloud
Recently, news has been released that Nokia Oyj has signed a five-year agreement to move its IT configuration to Alphabet’s Inc, Google Cloud. This has been another notch in the U.S based Tech company’s belt.
The company’s Vice President, Ravi Parmasud said, “Nokia will move away from the less efficient data centers and servers it owns and rents across roughly a dozen countries, accumulated over various acquisitions”.
This is a quite big leap for the Nokia company. However, no more information has been released by the officials and financial terms aren’t disclosed yet.
Nokia has now set its target on building network appliances for Future-generation 5G wireless services. Global 5G became one of the hottest trends in a tech firm and the competition is getting quite high so Nokia is currently battling in the field of 5G against two beastly warriors, China’s Huawei Technologies Co and Sweden’s Ericsson AB.
The case about progress has been entirely different for Google’s Cloud sales as “it has been progressing rapidly in the telco area”, said President of Google Cloud Sale, Rob Enslin. The year, 2020 has been going quite profitable for the Google company in many aspects as Google has won a deal with Renault SA’s manufacturing data which made it the U.S tech company’s first Cloud deal in France. Another deal has been also signed with Vodafone Group Plc.

Future plans of Google
Now Google is planning to become one of the world’s largest providers of internet infrastructure while building the pipelines of the internet in an area that was previously dominated by Telecom operators. We can see that Google has clever plans to dominate this particular niche in the future.

Startups

Google to acquire Elastifile

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Image by 377053 from Pixabay

Google said on 9 July that it had entered into a definitive agreement to purchase Elastifile – a provider of scalable, enterprise file storage for the cloud – with the deal expected to close later this year.

The acquisition is expected to be completed later this year and is subject to customary closing conditions, including the receipt of regulatory approvals. Upon the close of the acquisition, Elastifile will join Google Cloud.

Elastifile uses a unique software-defined approach to managed Network Attached Storage (NAS) in order to tackle the challenges of file storage for enterprise-grade applications running at scale in the cloud.

This theoretically enables “organizations to scale performance or capacity without cumbersome overhead”. Google said it is “excited” to build on this technology and integrate Elastifile with Google Cloud Filestore.

It expects that the “combination of Elastifile and Google Cloud will support bringing traditional workloads into [Google Cloud Platform] faster and simplify the management and scaling of data and compute intensive workloads”.

The company said it believes the combination will “empower businesses to build industry-specific, high performance applications that need petabyte-scale file storage more quickly and easily” which it claims is “critical” for the media, life sciences and manufacturing industries.

Earlier this year, Google launched Elastifile File Service on Google Cloud Platform, a fully-managed version of Elastifile integrated with Google Cloud, with customers including Appsbroker, eSilicon and Forbes.

“The integrated circuit (IC) design  process can produce a wide spectrum of compute and storage requirements,” Naidu Annamaneni, CIO and VP of Global IT at eSilicon, said in a statement. “This can translate into thousands of cores and petabytes of storage for some portions of the IC design. The combination of Elastifile and Google Cloud provides the scale and performance that we need to successfully deliver these ICs on time and on budget.”  

“Helping our customers solve difficult storage challenges for their most critical workloads has enabled these enterprises to unleash the full benefits of the cloud,” Erwan Menard, CEO at Elastifile, added. “We’re excited to join Google for the next part of our journey, building on the success we’ve had together over the past two and a half years. File storage is essential to enterprise cloud adoption and, together with Google, we are well-positioned to serve those needs.”

“In recent years, we’ve seen enterprises increasingly deploy traditional applications as well as new performance sensitive applications to the cloud,” Deepak Mohan, Research Director at IDC, said. “These applications require on-premises level of performance for latency and consistency alongside of the scalability benefits of the cloud.”

“The acquisition of Elastifile will better enable Google Cloud customers to meet this mix of needs, as they deploy such workloads to the Google Cloud Platform,” he concluded.