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LenderCity Deploys Smart Chatbot

LenderCity has deployed FinKube's Electronic Loan Services Assistant, a chatbot for interacting with prospective borrowers on the LenderCity website.

"The technology enabled us to offer a high-tech, high-touch experience by leveraging technology to reduce cost," said Gregg Harris, principal at LenderCity. "It enabled us to reduce the work the loan officer does up front. The chatbot provides assistance to borrowers that have questions or need information. That means, we don't have to make a person available to answer their questions."

[caption id="attachment_9220" align="alignright" width="225"] Greg Harris[/caption]

Now used to qualify leads, in the future, LoanCity will use ELSA to help borrowers with frequently asked questions, fill out a loan application or get a rate quote. So far,  however, just a few months into the implementation, 20% of consumers use ELSA, rather than filling out a form. That percentage will increase with time and because ELSA provides assistance to users that have questions or need more information, without having to make a call or search the website.

"Consumers want immediate answers to their home finance questions and ELSA is smart enough to provide the information they need and gather the information we need to prequalify the borrower," said Harris.

ELSA uses artificial intelligence and machine learning to enhance the origination process from origination to close. It’s powerful enough to gather borrower information, render decisions, and automate time-consuming tasks.

LoanCity anticipates attaining significant efficiency and costs savings--on client acquisition and service costs. For instance, the organization has assigned a loan officer to answer questions from borrowers--which it will no longer have to do. And there are other efficiency benefits as well.

"We anticipate over time being able to reduce customer acquisition costs by 50 percent to 80 percent, engagement by 500 percent, reduce customer service costs 50 percent to 80 percent, and increase loan retention by a factor of six," said Harris. "And the technology puts me on the map to compete with bigger players,"

 

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