Almost 97 percent of online banking applications are never completed, possibly due to the amount of paperwork that potential borrowers are unwilling to fill out. Alfresco Software, a digital business company, is improving customer experience when applying for a home loan by using technology to make the process quicker, while simultaneously enabling financial service companies to improve their efficiency.
The platform, called the Alfresco Digital Platform, uses a multitude of Amazon Web Services (AWS) such as Amazon Alexa, Amazon Rekognition, and Amazon Simple Storage Service. AI applications and fintech are increasingly popular among companies looking to differentiate themselves in the financial service industries, by improving customer service and making their experience more easy and valuable.
Once on the platform, users can prepare and store documents that flag any personally identifiable information to ensure security for the customer and compliance with regulations. The loan officers can use various tools on the platform, like facial recognition and sentiment analysis to analyze the data and approve the mortgage loan in one place.
Other AWS included on the platform are AWS DeepLens, Amazon Comprehend, Amazon Kinesis, Amazon Polly, and Amazon Elastic Compute Cloud. Each service is used to facilitate and manage the end-to-end process of applying for and reviewing loan applications.
“Our technology demonstration is an amazing convergence of how artificial intelligence, machine learning and process automation can dramatically improve customer experience across a variety of vertical markets, not just financial services,” said Darren Yetzer, vice president of strategic partnerships at Alfresco. “The most exciting news is that we have several partners that are building these type of real-world solutions today – so this is so much more than just a demonstration.”
