MortgageMarket launches AI Agent to eliminate data capturing in South Africa
MortgageMarket has launched an AI-powered solution called ZeroCapture, which automates one of the most time-consuming administrative tasks in the home loan application process – data capture.
ZeroCapture allows customers, mortgage originators, estate agents, and other industry participants to upload supporting documents, and then extracts the required information.
“We have a product that we know is going to change the way anybody captures anything going forward – which is no capture,” said MortgageMarket Founder and CEO Tim Akinnusi.
“40 minutes of friction gone in less than two minutes – just verify the info.”
ZeroCapture
ZeroCapture processes a wide range of documents involved in the mortgage origination process.
This includes identity documents, passports, payslips, bank statements, and offers to purchase, reducing the need for manual data entry, retyping, and copying information between systems.
MortgageMarket said the solution cuts data capture from around 40 minutes to approximately two minutes, with users able to verify the extracted information before submitting an application to participating banks.
Every minute saved gives originators more time to spend on closing deals.
“It’s eliminating the biggest pain point as an originator… this mindless idea of transferring of data, which adds no value,” said Akinnusi.
Akinnusi revealed that this is just the first step in a larger plan for MortgageMarket to continue using AI to simplify the mortgage application process in South Africa for everyone involved, from customers to banks.
ZeroCapture is already live on the MortgageMarket platform and is available across its customer and white-label ecosystems.
MortageMarket
MortgageMarket works with Standard Bank, FNB, Absa, Nedbank, Investec, and RMB.
This makes MortgageMarket the first mortgage originator in 25 years to secure direct contracts with all of South Africa’s major banks.
It also offers a white-label version of its home loan platform through several major technology partners, including Vodacom, MTN, Takealot, and EasyEquities (through Easy Mortgages).
Its partner ecosystem extends to real estate agencies, too, with Vered and Engel and Volkers running their own in-house origination units.
MortgageMarket currently connects customers with the seven major banking institutions through a single online application, with SA Home Loans also available through the platform.
It has originated more than 8,000 home loans since launching and paid more than R6 million in cashback to customers.
The company continues to expand its technology across the property finance ecosystem, with its platform designed to improve access to multiple banks through a single digital application.
Click here to learn more about MortgageMarket.
Tim Akinnusi (CEO of MortgageMarket) & Carl Coetzee (Head of Distribution at TIH)
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