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Home > Portfolio > Automate Property Valuation And Appraisal for Appraiser Management company in Fintech And Real Estate Industry
Automate Property Valuation And Appraisal for Appraiser Management company in Fintech And Real Estate Industry
Expertise:
Application DevelopmentBusiness Process Automation
Verticals:
Real Estate
Technologies:
PHPMEAN

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Project Overview

Artificial Intelligence or AI has taken the tech world by storm, allowing Fintech companies to cut costs, automate various business process such as property valuation and appraisal, and improve the bottom line.

Normal security systems are no longer keeping up and the Fintech companies are looking up to the next big thing artificial intelligence. AI improves results by applying methods derived from the aspects of human intelligence at a beyond human scale.

Process automation from AI offers tremendous opportunity to lower the costs associated with commercial and residential real estate. As the interaction between consumers and Fintech companies becomes frictionless, there are exciting opportunities for the Fintech companies to leverage AI to find the right customers for their products.

Unlike the traditional system where banks used to send human appraisers to evaluate a property, appraiser management companies do this task in an automated way leveraging the capabilities of artificial intelligence. Our client, TaskyGig approached us to develop a platform where appraiser management company can get the appraisers to do property evaluation for the customers. Property owners too can post their property on the platform to get it evaluated and apprised by the appraisers to get the loan approved by the banks. Since highly experienced appraisers bid for the appraisal projects, the work is done in a professional way and the report is submitted by them to the appraiser management company that submits it to the banks for processing the loan amount.

Project Challenge

The challenge for us was to design the most advanced features of Fintech industry in the application leveraging the capabilities of artificial intelligence. TaskyGig wanted to implement artificial intelligence functionality into their property portal that could provide answers to the queries about the technical terms of Fintech and property industry. They wanted smarter application to automate the customer query process with deep learning capabilities to make faster decisions. With the capabilities of AI and machine learning, the application has to provide most accurate answer to the queries of the users related to real estate in the USA and Canada.

The client wanted us to implement the AI functionality into the application so that it could be used to provide details of the property like what is its appraisal price, the size of the property, tax liabilities, etc. The application has to be an appraisal management system (AMS) where appraisers could bid for a particular property appraisal project on first come first served basis. The application has to provide all relevant information about a particular project like its inspection report, appraisal report and one should be able to search the properties on the basis of location.

The Endeavor

Programmed smartly with AI algorithms, TaskyGig brings to an end all manual efforts that were earlier mandatory in traditional appraisal systems, in which documentation, verification and task review all were done manually. Now, finding and assigning jobs and making quick settlements, all these have been streamlined and done on a single platform.

We developed an AI enabled system for the client utilizing IBM Watson that not only smartly answers the queries of the users but also provides suggestions and hints based on the user's query. One can compare properties in the areas of one's choice and get overview about the properties in the region. One can also get information about the amenities like markets, parks, schools, transportation etc. near the property. The AI system checks and suggests whether a property appraisal report is consistent and complies with GSE guidelines. USPAD, UAD and best practices of the industry.

Automated decision management helps TaskyGig to customize and make choices at a fraction of a second that it would take a human. AI can find patterns within substantial amount of big data and predict insights. Leveraging machine learning and statistical modeling, it helps the AI adapt and modify itself depending upon the inputs.

The TaskyGig chat bot application intelligently answers customers queries related to technical terms of Fintech, property appraisals and valuation, and the available properties for sale, purchase or rent in a particular location of the USA. With massive funding and intense competition, AI is the only way Fiintech companies can stay ahead.

Artoon developers worked to the requirements of the client and delivered the application with right functionalities to help them get more leads and deliver automated appraiser services to the client leveraging IBM Watson artificial intelligence.

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