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How Financial Organizations Can Improve the Lending Journey with AI

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Erin Wilson Dir., Technical Marketing

The financial services industry has had an interesting few years. An industry historically susceptible to nearly every kind of economic downturn now faces the reality of rising interest rates. Yet, through the leverage financial-services organizations provide, consumers can better access their wealth, purchase new homes, and live their best lives. Lending opens the doors that allow society to thrive.  

So why then, is the process of applying for and obtaining personal financing dreaded by so many people? What makes the process potentially painful? And, most importantly, what can we do about it? 

Reducing Friction Intelligently  

Consider Jeff, a single dad who just found the perfect house to raise his six-year-old son in. Jeff needs a mortgage, ASAP — before someone else snatches up his dream home.  

After some research, Jeff began a loan application with his current bank. Before long, however, he experienced a friction point relating to a request to fax in documents.  

Determined to overcome this obstacle, however, he sought help and engaged with an intelligent virtual agent (IVA) the bank had handling its chat channel. He learned of alternative methods for sending in the necessary documentation and successfully completed his online application. Jeff was told to expect a call in a couple days.  

Five9 helped the lender keep that promise.  

Simplifying Back-end Processing  

When Jeff submitted the application, it initiated a series of business process flows: Five9 Workflow Automation sent some data to the underwriting team’s processing software, while also adding Jeff to the Five9 Dialer to ensure he’d receive a call on the promised day.  

When Loan Officer Mike spoke to Jeff, Five9 presented Mike with all the information he needed to discuss Jeff’s application. A “digital workforce” of several applications powered by conversational AI helped Mike swiftly navigate the conversation. 

First, since Jeff was an existing customer, voice biometrics allowed Mike to authenticate Jeff passively – meaning he didn’t need to spend precious talk minutes asking a series of questions. Jeff’s voice pattern was authenticated using the content of the conversation.  

Secondly, Five9 Agent Assist provided Mike with a list of items he needed to cover. The application dynamically crossed items off the list as the real-time, AI-powered analytics heard Mike cover the topic. This reportable feature, combined with contextual coaching cards, helped Mike manage complicated conversations, efficiently. 

With all the paperwork squared away, Mike transferred Jeff to another IVA to securely capture his application payment. Once paid, Five9 Workflow Automation triggered the necessary systems to get Jeff his pre-approval letter via email.  

Armed with this, Jeff put in an offer that the seller accepted! 

An Automated Appraisal  

There was one more hurdle for Jeff to clear on his quest for home ownership: the appraisal. But again, this bank leveraged the Five9 platform and reduced its support costs.  

Rather than requiring a human interaction for the appraiser to report their findings after touring the house, the appraiser simply dialed into an IVA, spoke the property address, and followed the prompts to enter the evaluation. No agents necessary.  

Friction in complicated buyers' journeys, like home loans, might feel inevitable, but doesn’t have to be. With the right technology, the right platform, and the right partner you can use AI and automation to keep costs down while keeping customer and business partner satisfaction high.  

Next Steps 

Learn more about how Five9 drives exceptional customer engagement for financial services organizations and check out some of our industry case studies and white papers.  

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Erin Wilson Dir., Technical Marketing

Call 1-800-553-8159 to learn more about Five9