Transforming Mortgage Customer Support with AI-Powered Contract Query Tool
Introduction
A Large Home Mortgage Lender Company in North America is dedicated to helping homeowners, homebuyers, and mortgage professionals achieve their financing goals. It is renowned for delivering innovative mortgage solutions and providing an unparalleled customer experience. However, as the company expanded, its reliance on manual processes for handling customer inquiries and processes for internal training created inefficiencies that needed to be addressed.
The Challenge
The Company adheres to strict loan guidelines established by the FHA and USDA and supplements these with its own comprehensive set of guiding documents, which are stored in Microsoft Word, PDF, or internal guidance portal in HTML formats. When prospective clients call to inquire about loan conditions, Customer Sales Representatives (CSRs) must manually review these documents to provide accurate responses.
This manual review process leads to:
- Significant delays in responding to customer inquiries.
- Increased operational workload for CSRs.
- A less-than-ideal customer experience.
- Leads in providing inconsistent or sometime in-accurate response
MisticusMind addressed this challenge by implementing its proprietary AI-powered tool, "The QueryGenius.AI"
Key Features of the QueryGenius.AI Platform
- Advanced Data Capture: Utilizes a robust RAG (Retrieval-Augmented Generation) architecture to aggregate relevant data from approximately 3,000+ documents, HTML Sources.
- Actionable Knowledge Base: Transforms unstructured data into a structured knowledge base that delivers human-like responses to complex queries with support of advance features like feedback to improve accuracy and engaging conversations.
- Rapid Deployment: The AI model was trained and operational within just 7 days, ensuring quick implementation.
- High Accuracy: Provides over 95% accurate responses to even the most complex customer queries.
- Scalability and Security: Hosted on NVIDIA GPU servers within a secure AWS environment, safeguarding document privacy while offering scalable performance.
The Results
By adopting the Contract Query model, AFR achieved remarkable improvements:
- 72% Increase in Throughput: Enhanced the speed of responding to customer inquiries, significantly reducing wait times.
- Improved Accuracy: Delivered precise and consistent answers, bolstering customer trust.
- Operational Efficiency: Freed up CSRs to focus on higher-value tasks by automating repetitive processes.
Future Prospects
MisticusMind plans to further enhance AFR’s customer support by integrating the QueryGenius.AI with AFR’s client-facing webpage.
This integration will:
- Enable prospective end users/Customers & Partners to directly query the knowledge base via an API.
- Deliver faster, more accurate, and human-like responses.
- Elevate the overall customer experience and further streamline AFR’s operations.
- Ability to expand partner network exponentially
- Reduce cost for training, customer success operations still support growing business needs.
Conclusion
MisticusMind’s QueryGenius.AI has transformed AFR’s approach to customer support. By leveraging cutting-edge AI and secure cloud technologies, AFR has positioned itself as a leader in delivering exceptional service in the residential mortgage industry. This use case demonstrates the power of innovative AI solutions in overcoming operational challenges and achieving business excellence.
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