Some of the most buzz-worthy concepts discussed at the MBA’s Mortgage Servicing Solutions Conference & Expo centered around how AI and machine learning can be used to improve efficiency through automation. But for these innovations to provide maximum value, they need to be considered carefully. When investments in automation are paired with a reimagining of the whole ecosystem surrounding those processes, the ROI is realized in the human aspect of stronger customer relationships.
AI/ML offers great potential for creating process efficiencies in some areas, such as customer service chat bots or document recognition and classification, but the industry faces some major challenges in fully adopting the technology. First, finding the right talent with the skills and experience to build these solutions for large-scale use has been difficult. Even more pressing is the need to identify where in servicers’ processes this tech fits and what oversight there is to remove bias from modeling and maintain compliance. Also, the overall savings in efficiency and cost might not make much of an impact if the other processes surrounding the AI/ML are inefficient enough to outweigh the benefits.
One option the panelists encouraged servicers to pursue when struggling with these challenges is partnerships with solution providers, like Venture Solutions. These experts solve the lack of personnel and resources. They can also guide implementation one piece at a time so you are not trying to tackle transforming an entire business operation at once. The best team is a blend of researchers who understand the technology and the talent who can put their data to work in the solution. Our Personalized Video Communications take your customers’ data and leverage it in a video which walks borrowers through their statements for a custom, automated service experience. When borrowers understand their statements and other communications better, servicers see a major reduction in call center volumes and higher retention rates.