Banking and Financial services have a tremendous opportunity and scope to combine human capability with consumption-friendly AI technologies. With the world evolving at 10X speed, the mortgage lending is stuck in a bygone era! Only 10% of the mortgage industry is intelligent, and 90% have not adopted AI.
In the ever-changing landscape of the UK Mortgage Market, the Gross lending doubled (~£268bn) in the last decade with limited product innovation, but net lending is still low (~£50bn). With, Millennial First Time Buyers as the biggest purchasers and older households (65+) underserved, the growth in house prices has led to growth in housing equity (~£6tn).
The current origination process across lenders in the mortgage industry is lengthy and frustrating. The typical lending process in the mortgage industry requires around 40% manual intervention, with multiple weeks as an average time to offer (from start to finish). With high time to offer, frequent cancellations, revenue leakage, poor colleague-broker-customer experience and high manual errors, the mortgage lending process is cumbersome.
To streamline and make this entire process smooth, introducing DigiliyticsTMRevEl for financial services
Digilytics™ RevEl for Financial Services: Revolutionizing mortgage origination, leveraging AI
DigiliyticsTMRevEl for financial services is first of its kind, easy to use AI product for revenue growth, built on the most advanced AI technology, making the lending experience seamless. DigiliyticsTM RevEl for financial services reduces time to offer for mortgage lenders. The product can be launched from an existing loan origination system, with bulk document upload and document classification into the configured file structure. This reduces non-value adding manual tasks, augments decision making by providing granular visibility.
DigiliyticsTM RevEl for financial services has the capability to extract data from the document and map it onto relevant fields of Loan Origination System, perform data validation and annotation check on the documents. RevEl for financial services improves the broker/customer experience, accuracy, increases colleague’s productivity, reduces cancellations and increases repeats.
With Document comparison view, case risk score with the label of standard/accelerated case and document pending alerts, RevEl for financial services helps you predict service level agreement breaches. With Quicker cycle to the true value realisation.
Benefits of using Digilytics™ RevEl for Financial Services
·Reduces non-value-added tasks
Underwriters can save time on repeated, redundant and mundane manual tasks like printing, physical transfer of files, piling up of files/cases with AI-enabled data capture and entry into the origination system.
Automatic validation and Day 1 underwriter requirements at the time of submission, electronic annotation of case documents, simultaneous and parallel processing of case file with full versioning and audit trail enables a seamless lending experience.
·Augments decision making
With the classification of cases into Standard and Accelerated, underwriters can speed up their lending process. Algorithmic assignment of cases to underwriters to maximise SLA adherence with conversational support for case-specific queries enable a fast-seamless experience.
Automated decision support for Accelerated cases and search on underwriter notes reduces the time and fosters quick decision making.
·Creates granular visibility of Time to offer
Achieve granular visibility of case status and bottlenecks with near real-time visibility of status to customer/intermediary. Real-time SLA monitoring, predictive alerts on SLA breaches document expiry and load balancing capability based on underwriter workload.
·Easy to use can be plugged on to any loan origination system
Integrates with the transaction systems, and can be easily used by underwriters with minimal training.
Features of Digilytics™ RevEl for Financial Services
·Smart Data Capture
Recognize over 400 origination and closing documents
Extract business-critical data from different origination and closing documents
Collect documents from various sources
Improve document clarity, extraction and accuracy
Intelligent case verification
Reduce TTO and TTF
Intelligently automate the verification process
Verify documents from multiple sources
Ensure fulfilment of minimum requirements for application to proceed
Automated underwriting
Underwriters able to identify low risk /accelerated cases (ML-based REM module)
Accelerated cases need minimal effort to underwrite
Reduce underwriting time for cases
Automated underwriting journey with a predefined workflow
·Granular visibility
Quick and easy collaboration for teams and managers
Accessible, storage and retrieval of information without referring to multiple systems
Resource and task allocation backed by data
Monitor the team’s performance by tracking KPIs/SLAs
DigiliyticsTM RevEl for financial services is a one-stop secure loan origination platform for you!