Credit Unions are enjoying a record increase in their membership of late. With rising customer base, the focus for these credit unions remains faster processing of loans along with providing better experience to their customer; but this heightens their overall exposure to delinquencies as well. Unfortunately, this concern has only been amplified by the… Continue reading Using AI to transform Credit Unions debt collection process
Month: September 2021
“According to The Financial Brand, AI can save the banking industry more than USD 1 trillion by 2030. And the rise of bots is playing a key role here”.
Technology is shattering a long-held need to talk to someone before you make a financial decision or before you apply for a loan. However, as financial products become more standardized, most people want instant responses to their queries instead of waiting to talk to someone.
This is where Chatbots come in!
A Chatbot is an effective technology solution that can be deployed to provide basic customer support by itself, support human interactions with detailed facts, highlight and drive sales opportunities, or streamline internal processes.
Chatbot redefining the Lending experience
Customer service makes or breaks a business. Poor customer service is one of the main reasons firms lose customers. Chatbots can help Lenders improve customer support, automate routine tasks, and thereby attract new customers.
Let’s examine a few ways in which AI-equipped chatbots can make the lending process more gratifying.
1. Customer queries: Bots help the customers to reduce the time taken to find the right information. They can respond to multiple customers at the same time. Engage with customers consistently and never get angry or tired
2. Omnichannel Experience: Provides the same experience irrespective of the channel: mobile, web, etc.
3. Automated loan assistance: Assist customers in their loan inquiries, loan origination, monthly statements, payment reminders, etc.
4. Application for selected financial products: Through simple instructions, chatbots allow you to apply for a selected loan, insurance, and even Credit Cards, directly from the messenger platform.
5. Conversational UX: Conversational UX is capable to humanize a bot. It mimics human conversation through natural language-based technology, such as chat, text, and voice.
How can Insight Consultants help you with an advanced Chatbot?
At Insight Consultants, we drive digital transformation for lenders across the globe. Every financial service provider is unique. Choosing the right automation technologies for your business can be both complicated and confusing. That’s where we can help. We create bots that respond to your target customers’ profiles and specific business processes. We can give you the guidance and advice you need to choose the right chatbot for your business and, in the process, help you achieve your principal marketing goals
By bringing together cutting-edge technology and a deep understanding of the lending industry, we can help you engage your customers with a conversational bot over any channel and device, in any language, anywhere, and anytime.
With the pandemic catalyzing the need for digital lending and the percentage of bad loans increasing, API has become more indispensable than ever before in the Lending Industry!
API (Application Programming Interface), the technology under the hood which connects one or more applications to communicate and exchange the data in real-time, has a big role to play in the global financial sector.
The growing importance of API to Lending
With API connectivity Lenders can connect their applications in a secure, accurate and faster manner. It enables the lender to acquire critical information that is essential for decision making. APIs create a bridge between multiple platforms and data sets, using third-party applications and thus enable rapid decision making possible. When the data is validated through relevant sources, decision- making becomes accurate, and the lender is better positioned to assess loan requests from a whole array of customers.
Credit decision API has a big role to provide efficient and safe lending!”
1) API allows lenders to leverage data to take better advantage of it.
2) APIs allow the lender to delve deeper into the metrics.
3) APIs allow business owners to maintain full control of the data supplied and stored.
4) API helps Lenders in automating the tasks and offers opportunities to improvise the service offerings.
5) APIs do not store any data within them and are therefore 100% secure and safe.
6) API enables access to additional data, which in turn helps to create a more sophisticated formula for analyzing creditworthiness
7) API enables faster, efficient, and cost-effective loan processing
How Insight Consultants can help you?
Organizations need to ensure services offered to the customer are intact and meet the needs. The right API solution can unlock the great potential to create new products, services, and collaborations.
Our solution:
1. End-to-end lending process automation in one solution
2. Increase stability and security with easy-to-use version control and management tools
3. Preconfigured integrations with solutions needed to run a lending business
4. Monitor performance, security, and uptime of your integrations
5. Integrate with the credit bureau of your choice and automatically pull the data for decisioning.
Use your existing application process with Insight Consultants AI-powered Credit Decision API and take your business to the next level. We are here to help you wherever you are in your API journey.
Get in touch with our expert team.