Artificial Intelligence | News | Insights | AiThority
Bitcoin
$11,759.06
-225.21
(-1.88%)
Ethereum
$391.10
-4.44
(-1.12%)
Ripple
$0.30
0
(+0.5%)
Litecoin
$57.90
-0.21
(-0.36%)
EOS
$3.15
+0.09
(+2.97%)
Cardano
$0.14
-0
(-1.86%)
Stellar
$0.11
0
(0%)
NEO
$14.26
+0.9
(+6.74%)
NEM
$0.06
0
(+0.95%)
DigitalCash
$93.94
-3.54
(-3.63%)
Tether
$1.00
0
(0%)
Binance Coin
$22.27
-0.29
(-1.29%)
QTUM
$2.86
+0.11
(+4.04%)
Verge
$0.01
0
(+15.09%)
Ontology
$0.80
0
(+0.37%)
ZCash
$85.95
-7.3
(-7.83%)
Steem
$0.22
+0.01
(+4%)

Alfresco Announces AI Customer Experience Solution to Accelerate and Simplify the Process of Applying for a Bank Loan

0 4

Alfresco Digital Business Platform leverages more than 50 Amazon Web Services solutions to achieve improved customer experience and competitive advantage for lenders

Alfresco Software, a leading enterprise open source provider of process automation, content management and information governance software, launched the first technology demonstration utilizing artificial intelligence (AI), machine learning (ML), and process automation to improve the experience of applying for a home loan. The Alfresco solution adds value for the customer via simplification and speed, while simultaneously making the underwriter’s job easier by giving them all the information they need to approve the mortgage in one place.

The Real World Need

Almost 97 percent of online banking applications that are started are abandoned and, according to Fannie Mae’s National Housing Survey, it could be because borrowers want less paperwork. Econsultancy found that financial services brands see customer experience and customer service as key differentiators, followed by product innovation and quality. They asked financial services and insurance (FSI) organisations how they would seek to differentiate themselves in the next five years and the top response in retail banking was “Customer experience – making the experience on our properties easy/fun/valuable.” How are banks going to do this? Well, according to Techemergence, the future of finance will be heavily influenced by emerging fintech and AI applications setting the stage for increasing competitiveness among the industry’s leading giants.

Read More: Interview with Jeffrey Kofman, CEO and Founder at Trint

Financial Services Customer Experience Re-imagined

Alfresco launched a highly innovative mortgage loan application process and customer experience, enhanced by the assistance of a broad range of Amazon Web Services (AWS) solutions. AWS DeepLens and Amazon Alexa launch the process and facilitate the interaction, while behind the scenes Amazon SageMaker, Amazon Rekognition, Amazon Comprehend, and Amazon Polly perform ML and AI tasks helpful to loan officers – from facial recognition to sentiment analysis and language translation.

The demo shows how initial audio and video content assets are captured in real-time, analyzed, tagged with metadata, transcoded, translated as necessary, and deposited into the Alfresco Digital Business Platform –running within Amazon Elastic Compute Cloud (Amazon EC2), AWS Lambda, and backed by Amazon Simple Storage Service (Amazon S3) andAmazon Glacier– to initiate the loan process. Details captured during the interaction are used by the Alfresco Platform to automate the preparation and storage of application documents. Amazon Kinesis streams data to Amazon Macie to flag any personally identifiable information (PII) so that it can be classified and protected in compliance with applicable regulations. The Alfresco Digital Business Platform was designed to manage the end-to-end approval process, ensuring that the right people, have the right information, at the right time to expedite case resolution.

Read More: The Top 5 “Recipes” That Give AI Projects a Higher Likelihood of Success

“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.”

AWS re:Invent 2018 – Where & When

Alfresco Location:

The Quad, ARIA Hotel, Level 1

Booth:

#330

Date:

November 26-30, 2018

Alfresco’s executive leadership, sales and engineering team are eager to share how their strategic direction can change the way enterprise architects, developers and system administrators can build, deploy and improve process automation, content management and information governance projects. One-on-one meetings and product demonstrations are being scheduled upon request.

Read More:  Fluor Uses IBM Watson to Deliver Predictive Analytics Capability for Megaprojects

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.