Financial software applications and marketplaces provider Finastra’s Filogix team has launched new generative artificial intelligence AI (Gen AI) capabilities in its Expert Pro Canadian Mortgage Point of Sale (POS) solution.

The new function automates the creation of borrower narratives or notes that help in lender underwriting. This will streamline processes, save time, and minimise errors for brokers.

According to Finastra, users will be able to create a comprehensive summary of the mortgage deal that fulfils all necessary criteria with a single click.

The content can also be reviewed, edited, and sent for underwriting more quickly compared to the conventional manual process.

Besides, content can be composed automatically in English or French. Brokers can also select the format and elements of the mortgage application to be included for a more tailored and personalised experience.

Finastra Filogix head Jonathan Wootten said: “As a leader in financial technology solutions, we are committed to harnessing the power of Gen AI to enhance our own business processes, as well as to bringing exciting innovations to our customers. In our recent annual survey, 83% of financial services professionals said that their institution is interested in Gen AI.

“This mirrors the enthusiasm we see in the marketplace for the new functionality in our Expert Pro solution for brokers. We look forward to continuing to bring our customers opportunities to tap into the innovative and transformative technology that is Gen AI.”

Finastra said that the auto-compose functionality has a secure private model at the core, distinguishing it from other systems developed around public models.

Filogix, which serves as the hub of the Canadian mortgage sector, is said to provide secure and reliable connectivity to brokers and lenders. It is also claimed to offer trusted mortgage lending products.