Clik.ai offers automation software for banking firms, commercial real estate firms and mortgage servicing firms. Parag Goswami, the Co-Founder and CEO of Clik.ai, shares more details with us in exclusive interview with TechBullion.
Please tell us more about yourself?
My name is Parag Goswami, the Co-Founder and CEO of Clik.ai, a leading AI-powered technology platform for the commercial real estate mortgage industry that has processed over $12 billion since its inception. Clik.ai’s team has grown from 2 to 30 employees within two years and brought on C-suite executives from large real estate firms such as CBRE and Berkadia on board. I have been an entrepreneur for over ten years in real estate technology and commercial real estate services.
What is Clik.ai?
Clik.ai is an enterprise B2B SaaS company that is being used by banks, asset managers, and real estate investors to automate many manual functions involved in real estate (underwriting like building financial models, reviewing corporate deal documents, etc.) through our proprietary document extraction technology.
Could you give us an overview of Artificial Intelligence in the Commercial Real Estate market?
The current reality of the CRE underwriting process is that it has many moving parts and people involved. The process equates to a lot of time spent looking over paperwork and transferring data from one form to another. Manual data transfer is tedious work that can often result in errors, unnecessary costs, and inefficiencies.
Many have turned to the use of artificial intelligence (AI) and its subset machine learning (ML). AI and ML can help create a faster, more accurate automated underwriting process.
Clik.ai has been partnering with banks, CRE mortgage servicers, and CRE investors to enable them to take advantage of such technology. Through Clik.ai’s software, its powerful automation tools can assemble needed data in minutes rather than days.
What are the major features and services that make Clik.ai unique from other platforms?
(1) We pre-built our program with the most up to date artificial intelligence technology. Our underwriting software has learned to extract key financial data from various sources and with more than 99% accuracy and within minutes. The AI in this software learns what is important and takes priority in your business to help make well educated financial decisions. Our program has helped underwrite more than 100,000 financial documents in commercial real estate and items such as loans and mortgage applications.
(2) Our program has been equipped with proprietary document extraction technology as well. It can read almost any large set of file format (PDF, Xls, scan documents) making for an easier way to incorporate AI into your daily business operations. Due to its ability to process big data efficiently, it has become the most accurate tabular data parsing software for the real estate industry.
(3) Our automation suite is customized for real estate and financial analysts who spend over 5-6 hours of the day filtering information. Clik.ai’s software has essentially automated workflow and frees up the time for these professionals. Due to the current state of the housing market, it could be detrimental for a business to spend time manually inputting data instead of obtaining renter leads and closing deals.
Tell us more about the auto underwriting software for commercial real estate loans, how does it work?
Auto underwriting solves a massive, manually inefficient process in commercial real estate property valuation. Clik.ai’s software auto-extracts data from commercial real estate documents like Operating Statements and Rent Rolls and instantly creates a bank or lender-specific loan sizing or cash flow underwriting spreadsheet. Over many years, our software can parse any tabular data format from PDF, scan documents and spreadsheets, and create bank standard valuation spreadsheets in minutes, thus saving many analyst hours.
Clik.ai also offers AI and Machine-learning enhanced software for mortgage servicing, please tell us more about this?
Mortgage servicing and commercial real estate’s property asset management is a function of keeping the asset management systems up to date. For example, an asset manager’s daily job is to make sure that the latest property financials are updated on the system. Any new lease agreements signed are correctly set up on the system for billing purposes. If insurance is due on the property, then the asset manager needs to set up the correct trigger alerts and update other essential items. Clik.ai’s suite of software assists such asset management teams to correctly find information across hundreds of documents, so they don’t spend time manually navigating relevant information across each individual document.
We would like to know more about your services hub and private team of due-diligence experts, how does this work?
As a premium service, Clik.ai has a team of support analysts and an extensive network of service providers that can support any client’s transactions on an ad-hoc and on-need basis.
Unlike other software programs, the CRE Services Hub process is easy to use and simple to understand. Work with our drag-and-drop platform or our client services team to quickly upload your documents for your CRE Services Hub process, like lease abstraction, due diligence, argus modeling, automated underwriting, asset management, and commercial loan underwriting.
The on-demand team of real estate analysts can assist you with any questions you may have and guide you through all drag-and-drop cloud processes.
Your CRE Services Hub process, like lease abstraction, due diligence, argus modeling, can be completed in a matter of minutes and with the click of a button.
Could you give us a walk through of your Excel Add-in for automated extraction of property financials?
Clik.ai excel add-in is a free functionality to auto extraction of data from rent rolls directly into spreadsheets.
Powered by AWS, the add-in provides several security capabilities and services to increase privacy and controlled network access. This includes connectivity options that enable private or dedicated connections from your office or on-premises environment. Sensitive customer data is secured to prevent unauthorized access and rogue attacks, with an additional layer of security to your data. The transmission of sensitive data is achieved using server-side encryption.
Automated logging of the activity trail occurring on the platform monitors and tracks unusual behavior.
What are the benefits of the Clik.ai APIs?
Our APIs are built for technology companies that offer deal pipeline management, CRM, and servicing systems that can leverage Clik.ai’s extraction technology for document parsing. This can enhance their customer experience by providing their customers with a highly efficient automation suite offered by Clik.ai, allowing their customers to be more efficient in their daily workflows.
What will make users feel Safe and confident to use Clik.ai tools, would you like to discuss your legal and security measures?
Clik.ai is SocII compliant and takes strong security measures to protect the security of its platform.
We have many of the top 10 banking clients as our customers, including large and midsize enterprises like Newmark Knight Frank, Orix Corporation, Northmarq capital, Bellwether Enterprises, Merchants Capital, and many others. Clik is a growth-focused startup that raised an investment round in 2019 and focused on accelerating growth through further investment and sales growth.
For more information, visit: https://clik.ai/