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).Withhigh 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 nonvalue 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 true value realisation.
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