Shares of Firstsource Solutions surged 10% to Rs 344 on October 23 following the company’s announcement to develop a domain-specific large language model (LLM) tailored for the U.S. mortgage sector. The LLM will be part of its Firstsource relAI suite, designed to enhance the company’s mortgage services with AI-driven capabilities. By implementing advanced AI features like credit assessment, document digitization, and loan quality checks, the model aims to bring significant improvements to the mortgage process. This development positions Firstsource to leverage its domain expertise and meet the evolving needs of the U.S. market.
The LLM aims to streamline the mortgage application process by enabling quicker pre-qualification, reducing manual paperwork, and providing an end-to-end digital experience. It combines the ease of self-service with the personalized support of loan officers, thus ensuring a smoother experience for customers.
The language model will automate workflows, further enhance loan receivables management, and accelerate the development of AI-driven co-pilots that will perform or support a set of tasks related to mortgages more effectively. These capabilities are expected to bring substantial efficiency gains and improvement in operational quality along the mortgage lifecycle.
Ritesh Idnani, CEO and Managing Director of Firstsource Solutions, began with the underlining of the power at which generative AI rewrote the rules-not just inside the enterprise itself but in the lives of its clients. This seemed to sit rather well with the market, as reflected in the surge in share price.
This 84% surge in 2024 underlines investor confidence in Firstsource’s growth trajectory. Having its domain knowledge meshed with technology, the company appears well-positioned to tap into the U.S. mortgage segment, which remains a big growth avenue for leading players.
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Source: Moneycontrol
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