FinKube, a provider of Artificial Intelligence-powered Platform-as-a-Service (PaaS) solutions for various industries, announced last week that St. Louis-based LenderCity has successfully deployed its Electronic Loan Services Assistant (ELSA).
Principal at LenderCity, Gregg Harris stated that users crave quick responses to their home finance issues and ELSA is smart enough to give the information they want and collect the information that the company needs to prequalify the borrower. He also said that he knows they have to respond very instantly to borrower questions for information but as a wholesale mortgage broker, they also need to catch as much information from them as the company can, without wasting the loan officer’s time.
Electronic Loan Services Assistant is the industry’s first intelligent assistant and utilizes AI and Machine Learning to intensify the origination process from origination to close. FinKube CEO Jorge Sauri expressed that home buyer in America still want to visit with a human loan officer before signing on a new mortgage, but it’s not efficient to invest the loan officer’s time in conversation with borrowers who do not qualify. Simultaneously, those unqualified borrowers expect to have their questions that need to answer quickly. They don’t want to wait for a callback and they want to feel like they are in control. So most chatbot technology cannot provide that, but ELSA does, Sauri added. LenderCity, with ELSA, is now able to hyper-personalize the home finance transaction at every step.
Although, studies have revealed that it diminishes customer acquisition costs by 50-80 percent, enhances engagement and conversion by 500 percent, decreases customer service expenses by 50-80 percent, and improves loan retention by a factor of 6. As an AI-enabled virtual assistant, ELSA operates 24/7 with 365 pre-qualifying leads, interacting with customers and synchronizing outreach across chat, voice, text, email, and mobile wallet. Additionally, FinKube can expand ELSA ten times faster than general chatbots that can’t address mortgage out of the box.