Boosting mortgage processes with data-driven ways of working

The use of data science can offer mortgage providers major opportunities to enhance their services and operations. Chris van Winden and Mando Rotman from IG&H outline three use cases of adopting more data driven ways of working.

Help advisors be more successful

The ‘ambassadors’ of mortgage providers are financial advisors, who are in continuous contact with customers. By using data to analyse how advisors operate, significant improvements can be made in processes and outcomes.

In one concrete example, IG&H helped a mortgage client in the Netherlands analyse the end-to-end value chain of advisors, from the types of customers they serve to the advice they give and how they follow up. Leveraging data, we managed to help the client improve results and embed a cycle of continuous improvement.

Improve and speed up loan underwriting

Using machine learning for instance can significantly reduce the workload for employees and allow ‘standard’ loan applications to be evaluated much faster. This in turn frees up human capacity, which means that mortgage providers can allocate more time towards serving their customers.

In one client example, IG&H worked with a client to automate the mortgage application process with the help of intelligent, self-learning algorithms. Prior to the roll out of machine learning, all cases were assessed manually. With the help of the models, only 25% of cases are currently reviewed manually by specialists.

Delight customers with a better ‘experience’

Proactive management of existing customers requires using data to anticipate needs and providing tailored messaging. Intelligent models such as artificial intelligence can help predict and advise on how to approach customers in an optimal way.

Data can also help with assessing customer segments, and predicting their needs and behaviours.

Meanwhile, a technological solution such as a chatbot can improve customer service. From a client’s perspective, a chatbot is always available 24/7, enabling customer to ask questions when it is most convenient for them. While still in their infancy, well designed AI-chatbots can provide a good level of service to potential or existing customers. As a bonus, the chatbot can provide valuable insights through its interactions with customers.