Mortgage Company
By understanding the customer journey alongside the business processes we automated repetitive tasks and initial analysis to slash processing time.
Situation
A large mortgage company was losing potential customers to smaller more nimble competitors.
They wanted to understand why this was and what they had to improve customer conversion rates
Insights
Insights Driven worked with the leadership team to map out the current customer journey and pain points.
We found that even for straight forward mortgage approvals the current process would take between 12-14 days to sign-off. With many back and forth questions with the potential customer and a very heavy reliance on manual tasks.
Smaller competitors were taking 7-10 days with more streamlined processes.
Action
Computer vision alongside optical character recognition was built to read mortgage documents and identify any information gaps. The customer was automatically emailed to ask for clarification on gaps such as salary clarification, property location, family dependents etc.
A workflow process with straight-through-processing was built with many scenarios automatically approved. Mortgage experts only carried out the final review, removing much of their low value admin work and allowing them to focus on more complex applications.
Results
The mortgage approval process went from 12-14 days to 3 days
