Multimodal
Automating complex financial workflows
Multimodal automates complex middle and back office workflows in financial services such as underwriting, claims processing, and loan origination. By augmenting people with Generative AI Agents, Multimodal helps teams move 4x faster and enables companies to reduce operating costs, speed up decision turnaround times, and deliver better customer and employee experiences – all while keeping customer data private and secure. Recognized for its superhuman levels of accuracy and near real-time decision-making, Multimodal is the go-to Generative AI partner for enterprises seeking to modernize the way teams work.
United States
6 Saint Johns Lane,
NYC,
New York
10013
917-397-6120
NA
10 - 49
2023
Detailed Reviews of Multimodal
Executive Interview of Multimodal
Ankur Patel
Founder & CEO
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Please introduce your company and describe your role within the organization.
Multimodal is an NYC-based AI company focused on automating complex middle and back-office workflows in finance and insurance, such as underwriting, claims processing, and loan origination.
Our Generative AI Agents help teams move 4x faster and enable companies to reduce operating costs, speed up decision turnaround times, and deliver better customer and employee experiences, all while keeping internal data private and secure.
Our Generative AI Agents help teams move 4x faster and enable companies to reduce operating costs, speed up decision turnaround times, and deliver better customer and employee experiences, all while keeping internal data private and secure.
I am the founder and CEO of Multimodal. I founded it in May 2023 after extensive experience in financial services, data science, and artificial intelligence.
What inspired the founding of your company, and what is the story behind its inception?
The founding of Multimodal was inspired by a desire to solve complex, time-consuming challenges within the financial services sector through AI. After years of observing inefficiencies in areas like underwriting, claims processing, and loan origination, I realized that generative AI could be leveraged to streamline these processes, reduce operational costs, and improve outcomes for both businesses and their customers. Multimodal was founded with the vision of empowering organizations to work faster, with higher accuracy and data security and providing them with a competitive edge.
With AI agents, you have the first technology that could very closely mirror the knowledge work done by human operators. That’s the big technological breakthrough that we are taking full advantage of. Multimodal has a platform to design, deploy, manage, and uptrain AI agents that complement human operators on the most mission-critical workflows across finance and insurance.
What are the core values and principles that drive your company's culture, and how do you ensure alignment with these values across your team?
At Multimodal, our core values are relentless pursuit and obsession with delivering value to customers, the thirst for competition to develop the best software possible to solve customer pain points, and a firm commitment to security and data privacy. We believe in pushing the boundaries of what AI can accomplish while prioritizing secure, reliable solutions that align with our clients’ needs. To keep these values at the forefront, we encourage a collaborative culture where ideas are openly shared and innovation is fostered through a supportive yet intensely obsessive environment.
Can you highlight some of the key achievements or milestones your company has accomplished since its inception?
Since our launch in early 2023, we have successfully built and deployed our Generative AI Agents across more than a dozen of financial institutions, enabling them to automate essential workflows, reduce operational costs, and improve turnaround times.
Our clients have seen impressive results, including an 80% reduction in costs, nearly 5x faster workflow speeds, and up to 97% workflow automation.
We have also been selected for several high-impact accelerators, such as Plug and Play Fintech Batch 19, gener8tor 2024 Insurance & Wealth Accelerator, and Kickstart 2024.
Finally, we have received several industry recognitions. Most recently, we were selected for the AI Furnace’s AI Hot 100 list and chosen as one of the 10 finalists for South Summit’s Future of Work competition.
Could you explain your company's business model? Do you primarily operate with an in-house team or utilize third-party vendors/outsourcing?
Multimodal operates with an in-house team that specializes in AI engineering, financial services, and data security. This in-house model allows us to maintain close control over data privacy, innovation, and service quality. While we collaborate with specialized consultants for certain projects, we prioritize an in-house approach to ensure consistency, security, and high-quality deliverables.
How does your company differentiate itself from competitors in the industry?
- Multimodal sets itself apart by being vertical-focused, catering to the specific needs and requirements of customers in finance and insurance (both regulated industries).
- Instead of delivering just another low-level tool to solve a narrow problem, we have a fully built platform to build out AI knowledge workers that work on the most sensitive, mission-critical workflows alongside human operators. This means we deliver outcomes/units of work – think services as software.
- We are natively AI-first, with automation deeply integrated into our core offering rather than added as an afterthought. AI is what we do best, enabling us to drive impactful results and real operational transformation for our clients.
- Our extensive experience in both AI and financial services enables us to develop solutions that directly address the unique complexities of the industry. We know the critical nuances of workflows like underwriting, claims processing, and loan origination, and can tailor our solutions to support them effectively.
- We prioritize a seamless, API-first approach, ensuring our AI agents integrate smoothly into existing systems. Most business AI solutions on the market disrupt existing processes, requiring significant adaptation from clients. Ours integrates seamlessly, minimizing the need for major changes and allowing clients to quickly benefit from AI-driven improvements.
- Additionally, we are extremely dedicated to data security, as we specialize in serving highly regulated industries where privacy and compliance are critical. This commitment, along with ongoing management and support, helps clients sustain and optimize their automation initiatives over the long term.
How would you describe the dynamics within your team, and how do you foster collaboration and teamwork to achieve common goals?
a. We operate as a team would in a fiercely competitive sport. That means we set very clear goals, at an organization, department, and individual level. We foster collaboration within the team, and we also hold each other accountable to perform at the highest level. This relentless commitment to win is very important to us. We are not here to just participate in the sport; we want to win the entire championship.
b. To do so, we train with each other. We push each other to learn and to grow. We call out opportunities to improve and also celebrate successes along the way. And we push hard to win, setting higher goals along the way as we progress. That thirst to learn, to grow, to compete, and to win drives us individually and as a company.
c. This also informs how we hire. We strive to find teammates that are force multipliers; they make the team stronger. They help address existing gaps in the team, and they get us closer to that championship.
What measures do you take to support the professional development and growth of your employees? Do you offer training programs or opportunities for skill enhancement?
a. First, we try to have a very high bar for excellence; this high bar encourages each of us to learn and grow.
b. We provide honest and direct feedback but also coaching and mentorship along the way – yes, we will collectively call out gaps and shortcomings, but we rally around these to help get to a better spot.
c. We don’t just offer professional development opportunities; this is required for us to advance, individually and as a company. Rarely do people at Multimodal feel like they are not being challenged and pushed to do even better. This is encouraging to most. And, we provide resources to help with this – partnerships with third party vendors, better software, courses, shared articles and other resources, etc.
Could you share a notable success story or case study that exemplifies the impact your company has had on a client's business?
I can use our work with Direct Mortgage Corp. (DMC) (https://www.multimodal.dev/customer-stories/mortgage-application-ai) as a good example. DMC specializes in residential mortgage lending and loans and has been in the business for 29 years. They are very keen on staying ahead of the curve, though, and they partnered with us in very early stages. They initially wanted to use AI to automate their mortgage application workflow. Our AI Agents made their process 20x faster, which lets them serve more customers and generate more revenue without extra labor expenses. They were also able to cut costs by 80%, which I think is pretty impressive. We're still working with them and will soon share other advancements we've made since these initial results.
What industries do you primarily cater to, and do you have a significant percentage of repeat clients? If so, what is the ratio of repeat clients?
We primarily serve the finance and insurance sectors, which have high demands for complex, secure, and efficient workflows. A significant percentage of our clients are repeat customers, with a retention rate of approximately 90%. This high level of client satisfaction and repeat business is a testament to the quality and reliability of our solutions. Our customers (a better word is customers, not clients) stay with us for years since we are a software business.
What initiatives does your company undertake to foster innovation and stay at the forefront of industry trends? Do you invest in research and development projects?
Innovation is core to our operations. We consistently invest in research and development, especially in areas like generative AI, NLP, and data security, with many of our initiatives being inspired by real feedback from banking and insurance leaders. Our R&D team actively works on enhancing our existing AI products and exploring new use cases for AI in the financial sector, ensuring we remain leaders in AI-driven automation for financial services.
What we do is innately innovative and requires massive amounts of time, effort, and capital to stay at the forefront of. We invest very much in R&D and will continue to do so.
Please share some of the most sought-after services that clients approach your company for.
The need to build out AI workers to operate alongside humans on some of the most sensitive workflows our customers have – such as loan origination, account opening, claims processing, and underwriting.
How do you build and maintain strong relationships with your clients, and what mechanisms do you have in place for gathering and acting upon client feedback?
We build strong relationships by focusing on proactive communication, personalized support, and a client-first approach. Our team prioritizes regular check-ins and updates, ensuring clients feel supported and informed throughout the collaboration. To gather feedback, we conduct post-project reviews, quarterly satisfaction surveys, and one-on-one feedback sessions. We act on this feedback by making adjustments in real-time, as well as implementing suggestions into our long-term strategy. This approach allows us to refine our offerings continually and deliver solutions that align with our clients’ evolving needs.
How has your company adapted to changes and challenges in the business landscape, and what strategies have you employed to ensure resilience and sustainability?
We consistently invest in research and development, focusing on emerging fields such as generative AI, NLP, and data security to deliver cutting-edge solutions that meet the highest industry standards.
We also prioritize building a strong internal team with deep expertise in AI and financial services. This is essential in helping us anticipate and respond effectively to market changes.
Also, our API-first approach offers clients scalable, future-ready solutions that evolve with their businesses.
What payment structure do you typically follow when billing clients? Is it Pay per Feature, Fixed Cost, or Pay per Milestone (phases, months, versions, etc.)?
Annual platform fee (based on the number of workflows we automate) + usage-based (based on a number of actions the AI workers perform). These are annual contracts at a minimum, with some signing on for multi-year subscriptions.
Do you accept projects that meet your basic budget requirements? If yes, what is the minimum budget requirement? If no, what is the minimum budget you have worked with in the past?
Yes, our subscriptions start at $60,000 per year and scale from there.
Can you provide an overview of the price range (minimum and maximum) of the projects your company worked on in 2023?
This is sensitive information that we don’t want to make public, but most customers start at high 5-figure or 6-figure subscriptions and then scale from there.
What technological capabilities does your company possess, and are there any ongoing or planned investments in technology infrastructure or tools to enhance your services?
Always ongoing and planned investments. We have the platform to build AI workers that process submissions, search across submissions and databases, make decisions, and generate reports, similar to what human knowledge workers do in finance and insurance.
Where do you envision your company in the next 10 years? What are your long-term goals and aspirations for growth and development?
The goal is to be the market leading platform for building AI workers in finance and insurance, working with over 70% of all major financial institutions and insurance carriers in 10 years.