Artificial intelligence (AI) is not new, but it is revolutionizing the world. Paired with emerging technologies, the applications for AI currently appear to be endless. From accelerating the pace of life saving drugs to streamline operations for cost-savings and revenue amplification, AI platforms are omnipresent, and their impact is inescapable. IBM terms it the "innovation equation," and explains that AI became the world's fastest-growing tech tool for one reason: necessity. The digital age ushered in previously unthinkable quantities of data.

Data and artificial intelligence (AI) are playing a key role in transforming home loan originations. And the big winner could be the customer.

Artificial intelligence (AI) is not new, but it is revolutionizing the world. Paired with emerging technologies, the applications for AI currently appear to be endless. From accelerating the pace of life saving drugs to streamline operations for cost-savings and revenue amplification, AI platforms are omnipresent, and their impact is inescapable. IBM terms it the "innovation equation," and explains that AI became the world's fastest-growing tech tool for one reason: necessity. The digital age ushered in previously unthinkable quantities of data.

Black Knight, Inc. (BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced the completion of an independent analysis of the real-world impact of the company's artificial intelligence (AI) solution, AIVA. Using actual findings from the operations of a top 50 lender in Q4 2018, MarketWise Advisors, LLC – a management consulting firm focused on technology in the financial services industry – found that using AIVA can significantly drive down the cost of mortgage originations. The study identified a savings of up to $437 per originated loan, with the cost impact continuing to grow significantly as AIVA's machine learning and unique pattern recognition capabilities mature to include more skills. "Through the independent analysis of an unbiased third party, we have been able to show that lenders can expect to see significant savings by incorporating AIVA into their origination process," said Anthony Jabbour, Chief Executive Officer of Black Knight. "Leveraging AIVA results in significant cost savings, provides the ability to redirect tens of thousands of man hours to items more focused on satisfying customers and produces a return on investment nearing 500%."

As our world becomes more and more technology-driven, robots could replace workers in a huge number of jobs, a new report has warned. The report claims that as many as 800 million workers could be replaced by machines in just 13 years. Jobs most likely to be taken include fast-food workers and machine-operators, while gardeners, plumbers and childcare workers are the least likely to be replaced by bots, according to the report. In terms of jobs, the report suggests that physical jobs in predictable environments – including machine-operators and fast-food worker – are the most likely to be replaced by robots. But it added: 'Collecting and processing data are two other categories of activities that increasingly can be done better and faster with machines.