Google Cloud is embedding itself further into the financial services industry with the launch of its new mortgage application and origination tool, Lending DocAI.

The tool, which debuted Monday and is now in preview, is a new tool within Google Cloud’s more generic DocumentAI suite of solutions, which uses optical character recognition (OCR) technology to capture data from documents, according to Product Manager Sudheera Vanguri. This is the first time Google has launched a vertical-specific tool within financial services.

“Lending institutions like banks and mortgage brokers process hundreds of pages of borrower paperwork for every loan — a heavily manual process that adds thousands of dollars to the cost of issuing a loan,” Vanguri said in a statement.

The new mortgage tool processes borrowers’ income and asset documents to speed up the loan application, underwriting and verification processes, and leverages a set of specialized models, focused on the document types used in mortgage lending. Lending DocAI deploys the same natural language technology — a kind of machine learning technology that classifies, analyzes and extracts information about people and places — that powers Google Search and Google Assistant to derive value from unstructured documents.

The Form Parser is used to extract text and spatial structures from documents to process and preserve the data. It also automates routine document reviews and data capture, allowing the mortgage applications to be more easily processed at all stages of the mortgage origination and servicing lifecycle.

Google has made notable strides to entrench itself in the banking industry this year. In August, the tech heavyweight announced it would be launching digital bank accounts in 2021 through eight strategic partnerships with BMO Harris, BBVA and Citi, among others. And in July, Google Cloud landed a deal with Deutsche Bank, which has about $881 billion of assets under management, when the bank signed a 10-year contract to use Google Cloud’s technology amid a sweeping IT overhaul.

Google already provides similar cloud-based systems to KeyBank, Turkey-based DenizBank and Brazil-based Boa Vista, but has marketshare to make up; Amazon Web Services and Microsoft Azure have the lion’s share of the public cloud market for financial services in the U.S. and EMEA region, according to a recent report from 451 Research, an S&P Global Market Intelligence company, which noted that about nine out of 10 financial services use either AWS or Azure as their primary cloud provider.

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