Artificial Intelligence (AI) is no longer a futuristic concept; it’s a practical tool that can streamline operations, enhance decision-making, and improve customer experiences in the mortgage banking industry.
One of the most versatile AI applications is text-based generative AI, which can assist with reviewing contracts, writing marketing content, and analyzing data sets.
But with so many options available, how do you choose the right tool for your business?
This guide will help you compare some of the leading AI tools and provide practical advice for selecting the best one for your needs.
Key Considerations for Choosing a Generative AI Tool
Before diving into specific tools, consider these factors:
Functionality
Ensure the tool can handle tasks relevant to your business, such as document review, content creation, and data analysis.
Ease of Use
The tool should be user-friendly, especially for non-technical staff.
Integration
Check if the tool integrates well with your existing systems and workflows.
Cost
Evaluate the pricing model and ensure it fits within your budget.
Security
Given the sensitive nature of mortgage data, the tool must have robust security measures.
Support and Training
Look for tools that offer comprehensive support and training resources.
Comparing Leading Generative AI Tools
Here’s a comparison of some of the top text-based generative AI tools: ChatGPT, Gemini, and others in the market.
1. ChatGPT by OpenAI
Functionality
- Versatile in generating text, summarizing documents, drafting emails, creating marketing content, and analyzing data.
- Offers advanced language understanding and can handle complex queries and tasks.
Ease of Use
- User-friendly interface accessible via web and mobile apps.
- Requires minimal setup and training.
Integration
- Can be integrated with various CRM and data management systems through API.
- Compatible with numerous third-party applications.
Cost
- Offers both free and subscription-based plans (ChatGPT Plus and ChatGPT Teams).
- Competitive pricing with a tiered model based on usage.
Security
- Strong data encryption and privacy controls, especially in the Teams edition (this was our number one driver in our tool selection here at Wilqo)
Support and Training
- Extensive documentation, tutorials, and community support.
2. Gemini by Google
Functionality
- Known for its robust text generation and data analysis capabilities.
- Excels in natural language processing, making it ideal for drafting and reviewing complex documents.
Ease of Use
- Intuitive interface with seamless integration into Google’s ecosystem (Docs, Sheets, etc.).
- Minimal learning curve for users familiar with Google Workspace.
Integration
- Integrates seamlessly with Google’s suite of tools and services.
- Strong API support for broader integrations.
Cost
- Pricing is competitive, with flexible plans for different business sizes.
- Often bundled with other Google Workspace services.
Security
- High security standards, including encryption and compliance with GDPR and other regulations.
- Google’s robust infrastructure ensures data protection.
Support and Training
- Comprehensive support through Google’s help center and dedicated support teams.
- Extensive training resources, including webinars and tutorials.
3. Microsoft Azure OpenAI Service
Functionality
- Combines the power of OpenAI’s GPT with Azure’s cloud capabilities.
- Excellent for large-scale data analysis, content generation, and document management.
Ease of Use
- Slightly more technical interface, but highly powerful.
- Best suited for organizations with existing Microsoft Azure infrastructure.
Integration
- Integrates deeply with Azure’s suite of cloud services.
- Strong API support for custom integrations.
Cost
- Flexible pricing based on usage and subscription models.
- Potentially higher cost due to extensive features.
Security
- Enterprise-grade security with compliance to various standards.
- Strong data governance and privacy measures.
Support and Training
- Extensive support through Microsoft’s enterprise services.
- Rich training resources, including professional certification programs.
4. Claude by Anthropic
Functionality
- Claude excels in generating text, summarizing documents, and handling complex cognitive tasks such as advanced reasoning and multilingual processing.
- It’s designed to produce safe and consistent responses, making it ideal for high-stakes industries like finance.
Ease of Use
- Claude offers a user-friendly interface accessible via the web.
- It is easy to set up and start using immediately.
Integration
- Integrates with major platforms through its API, including AWS and Google Cloud’s Vertex AI platform.
Cost
- Free tier available with limited usage. Claude Pro is available for $20 per month, offering more extensive usage and early access to new features.
Security
- Claude prioritizes data privacy, automatically deleting prompts and outputs within 90 days and not using conversations to train its models.
Support and Training
- Comprehensive support through documentation and customer service, with training resources available online.
5. Jasper AI
Functionality
- Specializes in content creation, including marketing copy, social media content, and blog posts.
- It provides guided workflows and templates tailored to different content needs.
Ease of Use
- Intuitive and user-friendly interface with minimal setup required.
Integration
- Integrates with popular CMS platforms and social media management tools.
- Offers API support for custom integrations.
Cost
- Offers tiered pricing plans based on usage, with a free trial available.
Security
- Ensures robust data encryption and compliance with major data protection regulations.
Support and Training
- Extensive documentation, tutorials, and active community support.
6. Writesonic
Functionality
- Focuses on generating marketing content, product descriptions, and ad copy.
- It includes tools for SEO optimization and keyword research.
Ease of Use
- Clean, simple interface that’s easy to navigate.
Integration
- Seamlessly integrates with major CMS platforms and social media tools.
- API access is available for broader integration capabilities.
Cost
- Flexible pricing plans catering to different business needs, including a free plan with limited features.
Security
- Implements strong data protection measures and compliance with industry standards.
Support and Training
- Provides comprehensive support through tutorials, webinars, and customer service, as well as an active user community.
Making Your Decision
When choosing a generative AI tool, consider starting with a pilot program to evaluate the tool’s performance and fit within your organization.
Here are some steps to guide your decision:
Identify Key Use Cases
Determine the specific tasks you want the AI tool to handle, such as contract review, content creation, or data analysis.
Evaluate Ease of Integration
Check how well the tool integrates with your existing systems, such as CRM or document management systems.
Assess User Feedback
Gather feedback from staff who will use the tool daily to understand its usability and effectiveness.
Consider Long-term Costs
Look beyond initial pricing and consider long-term costs, including subscription fees, training, and potential upgrades.
Ensure Robust Security
Prioritize tools with strong security features to protect sensitive mortgage data.
Wilqo’s Way
After careful consideration, here at Wilqo we are focused on using OpenAI’s ChatGPT Team Edition.
We are a Microsoft-centric operation (Office, TEAMS, Azure, etc.) so OpenAI seemed more aligned with our existing systems compared to Google’s Gemini.
The Team Edition provides greater protection of our intellectual property than the free version, and also allows us to create custom GPTs based on core topics.
For example, we have trained a product requirement focused GPT that takes input from our Product Managers about a feature we want to build and generates the detailed “acceptance criteria” that our testers refer to when validating that the engineers built what was originally contemplated.
Separately, we trained a different GPT that helps our sales reps craft easy to ready and highly effective email messages to prospects.
The Team Edition costs $30 per month per user (a minimum of 2 users to get started), and we are adding any employee to our subscription who wants to explore how this tool could help them become more efficient in their duties.
Conclusion
Selecting the right generative AI tool can significantly enhance your mortgage banking operations. By considering functionality, ease of use, integration, cost, security, and support, you can choose a tool that meets your needs and helps drive your business forward. Whether you opt for ChatGPT, Gemini, or another solution, embracing AI will position your company at the forefront of innovation in the mortgage industry.
