Fintech Fridays w/ Rich Gagliano, CEO Dark Matter Technologies
Summary
In this episode, Brian Vieaux interviews Rich Gagliano, CEO of Dark Matter Technologies, about the company's recent acquisition by Constellation and their flagship loan origination system, Empower. They discuss the role of artificial intelligence (AI) in the mortgage industry and how it can improve efficiency and customer experience.
They also address the fear of technology replacing human jobs and emphasize the importance of balancing AI with human interaction. Gagliano explains how Dark Matter Technologies is focused on enhancing the end consumer experience and shares their plans for incorporating avatars and generative AI capabilities.
The episode concludes with a discussion on the future of information sharing in mortgage applications and the branding of Dark Matter Technologies.
Takeaways
Dark Matter Technologies was acquired from Black Knight and is now an independent business under Constellation Software. Their flagship loan origination system, Empower, serves a wide range of lenders and is complemented by their artificial intelligence product suite, Ava.
Ava uses AI to automate data extraction and classification, as well as provide assistance to underwriters and processors.
The goal of Dark Matter Technologies is to enhance the borrower experience by making the loan origination process more efficient and seamless.
They are actively involving real consumers in the development and testing of their technology to ensure it meets their needs and preferences.
Dark Matter Technologies envisions a future where the mortgage application process becomes more about information sharing rather than information gathering.
The branding of Dark Matter Technologies reflects their mission to be the backbone of the lending industry and drive innovation and customer care.
Chapters
00:00 Introduction and Sale to Constellation
01:24 Overview of Empower and Ava Products
04:29 The Role of AI in the Mortgage Industry06:01 Balancing Human Fear and AI Efficiency
07:21 Considering the End Consumer Experience08:06 Loan Officer Digital and Point of Sale Enhancements
09:49 Using Real Consumers to Improve the Technology
12:25 The Future of Information Sharing in Mortgage Applications
15:38 The Concept and Branding of Dark Matter Technologies
18:40 The Creative Talent of the Dark Matter Team
19:01 Conclusion
