In this time of red-hot housing markets across the country, speed is of the essence for both homebuyers and lenders. Customers need quick pre-approval to know they can afford the home they want, or they risk losing it to competing offers. Following pre-approval, customers want the best possible mortgage rate, and they want their applications processed efficiently with no unnecessary delays. Lenders need to provide virtually instantaneous responses, with competitive rates and a high degree of customer service, or homebuyers will take their business elsewhere. All of this means that banks and insurance companies must consider new ways to serve consumers, stay competitive and deliver a high-satisfaction customer experience.
Pre-approval, mortgage applications, and mortgage payments are now mostly digitized processes. Consumers can research rates, file paperwork, finalize mortgage applications, receive approvals and submit payments online whenever they desire from their laptop or mobile phone. They want to work with companies that make data submission and revision as simple, error-proof, and transparent as possible. Meanwhile, banks and financial institutions need to keep up with the digital volume of mortgage-related interactions – such as data collection, information verification, and loan requirement oversight. Banks are looking for ways to minimize the cost-per-interaction and eliminate the likelihood of a processing error, all while building strong customer relationships.
Mortgage lenders are prioritizing investment in Artificial Intelligence (AI) to meet current market demands. As research from Bain1 points out, AI and automation are changing the financial services workforce, as companies target labor-intensive products like mortgages. Mortgage processors need technology that can capitalize on shifting consumer trends, grow the business and stay competitive – and AI is playing a key role.
IPsoft’s Amelia, the industry’s digital AI colleague, is in use at seven of the industry’s top insurance companies, bringing new levels of innovation for real-life business benefits.
What Amelia Can Do
Amelia is the optimal platform for mortgage lenders dealing with large application volumes. Not only can she collect, sort, and ingest data faster than humans, she can learn and improve over time, provide personalized service with a high degree of understanding and intelligence, predict consumers’ needs, and help them avoid pre-approval and mortgage application stumbling blocks.
Pre-approval: Using her automated training and advanced analytics, Amelia can handle mortgage pre-approvals in a fraction of the time it would take a human loan processor, and with greater speed than standard digital pre-approval tools. Through her ability to process inputted customer data, understand language and read a customer’s responses to select pre-approval questions, Amelia can provide a virtually immediate response on whether a customer qualifies. Amelia’s large repertoire of learning and self-learning tools means she will improve the pre-approval process, as well as denial and pre-approval accuracy, as she continues to handle more volume and learn from those interactions.
Mortgage application data collection: Amelia’s workflow and integration capabilities allow her to optimize end-to-end mortgage processes – from gathering and parsing application data, to verifying borrower information, to submitting the final file to the underwriter. Through her emotional intelligence and conversational interface, Amelia works with consumers to ensure that all queries are answered, all paperwork is submitted, and all necessary revisions are made – while employing a deft empathy that considers any potential customer frustration or confusion.
Mortgage payment processing: Thanks to her semantic memory, Amelia can handle payment processing from start to finish, including issuing digital and hard copy statements, and ensuring payments are recorded properly (including any extra payments a homebuyer wishes to make). Because of her increased agility, Amelia can pivot to different business processes or conversations as needed, and she can use her episodic memory to attribute unidentified payments to the appropriate account, even when payments are made without associated account numbers.
These services can be delivered on a platform that is available 24/7 and highly scalable, providing limitless support capacity so a customer never waits long for pre-approval or information on mortgage applications. Amelia understands and speaks in multiple languages, recognizing everything from full sentences to short phrases, so she can naturally engage with consumers. Amelia also works across channels; customers can start a conversation via voice, laptop, mobile apps, messaging platforms like Slack, or virtual home assistants like Alexa and Google Home, and move conversations between those channels. Amelia will pick up right where she left off, with no need for customers to repeat previously submitted information.
Faster mortgage processing: Using Amelia’s exceptional workflow capabilities, data collection that in the past might have taken days or weeks can take only minutes; that information can then be processed just as fast, far quicker than humans or automated voice systems. Low-level chatbots simply don’t possess Amelia’s ability to handle real-time transactions through complex conversations.
Smarter pre-approvals: With her ability to learn from every processed application and advanced analytics of customer data, Amelia improves the mortgage pre-approval process and overall execution times. Amelia can reduce overall mortgage processing times by up to a factor of 4x per 100 processed applications.
More time for human workers to tackle advanced issues: By working with customers to resolve simple issues such as missing documents or data input errors, Amelia frees up human mortgage processors to handle more intricate issues, such as nuanced requests from underwriters. By collaborating with her human colleagues, Amelia can accelerate connections between virtual and live agents, ensuring high quality customer service and elevated customer satisfaction.
Improved customer support: Amelia’s emotional intelligence and ability to self-learn enable her to guide applicants through what can be a nerve-wracking process. Through her ability to read facial expressions and customer tones, Amelia can empathize and assist in a reassuring and satisfying manner.