Artificial intelligence can complement many of today’s business processes. For example, in the financial services industry, mortgage brokers can use AI in several ways. They can get insights from the data they collect and use it to drive business decisions. They can also keep customers informed of procedures through chatbots on their social media or their official website. Here is a closer look at the future of AI in the mortgage industry.
Why Mortgage Lending Service Providers Benefit From AI
Having AI to supplement your operations means streamlining and automating repetitive tasks, leaving mortgage brokers more time to connect with clients. It helps them make better decisions, too. AI can collect and process large amounts of data, eliminating the busywork of analysis and leaving the strategising and business development.
Mortgage brokers will have more time to figure out how to cut costs, create new sales opportunities, or otherwise find ways to grow. Businesses already use AI in various ways. Understanding these tools can help you leverage them for a brokerage firm; here are some options for you.
AI Helps You Compile Standard Forms
The simplest AIs can help you pull information from different sources and fill or complete fields on documents. They can also create a centralised document, which is a significant time-saver for human workers. With AI auto-filling paperwork, they reduce the likelihood of errors. There is also no need for double entry with this type of automation.
AI Lets You Analyse Customer Information
Aside from filling forms for you, AI can also go over the paperwork you receive from clients or other firms. Companies need to check the details on the documents they obtain; before passing it to the next party, you have to be sure that everything on a document is correct. Today, mortgage companies can use software that can read payslips, enter the information into a database, and notify the broker if there is missing data.
AI Can Process Customer Concerns 24/7
Mortgage brokers cannot be available at all hours, no matter how talented they are—as such, having a chatbot for clients will help. AI for customer concerns will help make the rest of your processes faster. You can program a chatbot to answer common questions about your products and services or set appointments for you.
AI Provides Automatic Alerts For Deadlines
Much of this industry relies on efficient processes. Mortgage brokers need to divide their time among tasks for multiple clients and lenders, and it can be challenging to keep track of everything they must do in one day. With an AI-powered project management system, a broker gets notifications for upcoming deadlines. AI can also prompt the staff if they need to start on some new procedure for a client.
AI Provides Data For Analytics
Though your day-to-day focus should be keeping your current customers happy, you should still have an eye toward getting new clients in through the door. Understanding why people choose your services, and why others don’t, can help you make marketing decisions that increase conversions. AI can look through your data and present it in a neat, easily digestible format so you can make decisions that make the most impact.
AI Helps You Automate Your Marketing
Marketing software lets you automate emails, schedule and release social media posts, and advertise through paid digital channels. Although you will still need people in charge of your marketing, having tools like these make their job more manageable and lets them do more in less time.
Conclusion
Artificial intelligence is here to stay, and it is already making a difference in some organisations. Don’t let your company get left behind—future-proof your business with AI software for mortgage brokers. The earlier you adopt, the sooner you will reap the benefits!
Reimagine your financial services firm and partner with Effi today. Our all-in-one digital assistant can help you automate repetitive tasks, build better relationships with customers, gain insights into how people respond to your messaging, and so much more. Contact us for your free 14-day free trial, or get in touch for other enquiries!