MReport October 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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Page 32 of 67

M R EP O RT | 31 QUICK TAKE unambiguously indicates, starting with automating mortgage docu- ment management is a crucial first step. AI and OCR can help get the data off the documents and into the providers' systems for processing. While this helps create immense efficiency, this is but a fraction of the value that digitalization and AI can deliver for the industry. The Proposition C ustomer propositions in a market with advancing cus- tomer expectations must evolve to keep pace. Offering intelligent, tai- lored solutions means going well beyond simply developing new offerings and features and "push- ing" them to customers through product bundles or even dis- counted pricing. The need of the hour is to take a customer-centric approach that is premised on un- derstanding customers' most press- ing wants and wishes and then aligning it to what best might be offered. A real-time gauge of these expressed and anticipated latent needs is what AI can bring to mortgage service providers when integrated with their core systems and front-end channels. This can greatly strengthen both engage- ment and sales. The Packaging N o matter how strong the value proposition of the mortgage product, the experience of the solution is crucial for the customer to be able to make deci- sions. AI can play a pivotal role in designing and differentiating customer experiences optimized for delivery on the device of choice and at the most preferred time for potential buyers. AI can also enable every interaction to be built on previous interaction history, so conversations can continue contextually, holisti- cally, and with minimal friction for customers. AI together with cloud-driven agility can also greatly accelerate the speed of transactions given that processing governance— like checks for credit limit and real-time analysis of the customer's risk profile—can be intelligently automated, requiring little to no human intervention that can other- wise extend processing time. What's Next D ata from before the pandemic and risk models built on this historic data do not reflect current market reality, nor can they accurately predict debts that can potentially go into collections. However, with cloud-powered AI and machine learning at the core of the mortgage program, large amounts of fresh data from diverse sources can be infused in real time to retrain predictive models, provide early warning for delinquency, and even refine methods and optimize strate- gies for customer engagement to reduce defaults. buyers. The AI models can significantly stream- line the proactive identification of at-risk accounts and even op- timize outreach models for debt collection—with better prescrip- tions for method, time, and even message—that, in turn, result in better collection outcomes. By adopting an AI-first, cloud-first approach, progressive mortgage service providers are building the digital capabilities to deliver intelligent services through highly personalized experiences while at the same time building robust mechanisms to ensure their business grows profitably. This bodes well for customers too as they grow to expect improved services, packing greater value and delivered at a time when they need it the most. . JAY NAIR is SVP and U.S. Head of Financial Services for Infosys, a global leader in next-generation digital services and consulting. SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport

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