In the ever-changing landscape of the Mortgage Lending UK Market, the Gross lending doubled in last decade with limited product innovation, but net lending is still low.
The current origination process across lenders in the mortgage industry is lengthy and frustrating. The typical lending process in the mortgage industry requires around 40% manual intervention, with multiple weeks as an average time to offer (from start to finish). With high time to offer, frequent cancellations, revenue leakage, poor colleague-broker-customer experience and high manual errors, the mortgage lending process is cumbersome.
To streamline and make this entire process smooth, introducing DigiliyticsTM RevEl for Mortgage Lending UK
DigiliyticsTM RevEl for financial services is first of its kind, easy to use AI product for revenue growth, built on the most advanced AI technology, making the lending experience seamless. It reduces time to offer for mortgage lenders. The product can be launched from an existing loan origination system, with bulk document upload and document classification into configured file structure. This reduces non-value manual tasks, augments decision making by providing granular visibility.
DigiliyticsTM RevEl has the capability to extract data from the document and map it onto relevant fields of Loan Origination System, perform data validation and annotation check on the documents. RevEl for financial services improves the broker/customer experience, accuracy, increases colleague’s productivity, reduces cancellations, and increases repeats.
With Document comparison view, case risk score with label of standard/accelerated case and document pending alerts, RevEl for financial services helps you predict service level agreement breaches specifically catering to the Mortgage Lending UK Industry.
All about One-shot Learning AI technology and its impact on the UK Mortgage Market
The major problems that are still burdening lenders and underwriters are;
For a very long time, the mortgage industry in the United Kingdom (UK) has pretty much remained the same. Banks and financial institutions are often burdened with the enormous number of loan applications that come in regularly.
The global economy is expected to shrink by 3% due to COVID-19 pandemic. Unemployment rates are progressing on one hand, and businesses are cutting pay on the other
These are the typical ads that give loan borrowers the hope of getting loans in short periods, which eventually lead to utter disappointment due to the lengthy lending applications and underwriting process.
Average number of application submissions is 4! Applications are Often Incomplete and Inconsistent.
Last week Digilytics AI concluded its webinar series on Intelligent Affordability Services. The feedback was overwhelmingly positive.
The longstanding tradition of British home-buying took a massive hit with the emergence of the global pandemic.
Streamlining the lending process through income and expense verification been cited by many, across the mortgage industry.
In May 2020, the Bank of England warned that the UK economy is facing the sharpest downturn since 1706.
Mortgages are essential to both consumers and financial institutions. Unfortunately, the mortgage lending process is very complex and involves numerous manual interventions.
Training a model should not be too different from the human process of learning.
In the era of Industry 4.0, the entire existence of this revolution is based on digitization or as we fondly call it, ‘The smart machines.’
It is always useful to leverage cross-sell and up-sell techniques to create loyalty, relevancy and added revenue from existing customer base. The key to success is to understand what your customers value most
Data, data everywhere but not a defined strategy to predict! People say data will talk to you if you are willing to listen. And who understands it better than our data experts.
The webinar intends to take a look at how Technology has evolved and risen to address crises in the past, and how these crises have become watershed moments for the Technology world.
Automating paper-less systems with intelligent data capturing technology helps to improve process efficiency and to create business value
In this interview, you’ll get an experts view on what COVID-19 means for mortgage lenders and how businesses offering a mortgage service should look at the current market.
