Eligible, a UK-based AI-driven servicing solution for the mortgage market, has launched ‘Conversations’, a new product enabling clients to engage borrowers at critical stages of their mortgage journey, to ensure customers are making informed decisions about their mortgages.
By leveraging machine learning, constant mortgage monitoring and other techniques to better understand consumer intent, Eligible aims to tackle what it believes is the “prime factor” holding the mortgage market back.
It explains that infrequent direct contact between lenders and their users, disjointed communications and a lack of solid touch points have resulted in a lending landscape where banks are far less likely to have a complete picture of their audience – and one where building trusted customer relationships is difficult.
This data oversight can cost the market millions, with modelling from Eligible finding that for every £1billion of mortgage lending, the lack of strong customer relationships can cost lenders £9.6million in redemption, £1.2million in operational inefficiency, and £1.1million in compliance and reputational risk.
Ansh Mohapatra, product lead at Eligible, comments: “This latest release enables our partners to engage borrowers at more critical stages of their mortgage journey. Our advanced machine learning model allows us to prioritise the most relevant conversations, providing the personalised education consumers need to understand their next steps with real intent.
“We deliver these insights back, demonstrating that consumers are making informed, confident decisions about their mortgages. This evolution reflects our dedication to innovation and delivering exceptional value in every conversation.”
Leveraging AI in the mortgage market
Zahra Hassan, co-founder of Eligible, comments: “What AI can do today is interact with customers and measure their understanding of existing products before providing bespoke financial expertise. Based on this, we can start to form views on the likelihood that they might struggle to meet their payments.
“AI can be used to detect how well people understand their financial products and use this data to identify vulnerable customers, enabling better education and support. AI has the power to transform customer support from a reactive relationship to a proactive one. Instead of banks providing support only when the customer asks for it, AI can detect those who are likely to need assistance and proactively engage with them, fostering education and active dialogue.”
Co-founders of Eligible, Rameez Zafar and Zahra Hassan, boasting a collective thirty years of experience in investment banking, structured credit and venture capital, found that most lenders aren’t able to support the kind of relationships customers need.
Now, Eligible’s technology currently helps serve over a million customers across the UK. The company’s AI software analyses customers’ financial and behavioural data to predict how best to support their financial situation. Using this data, lenders banks ensure that their users receive the most relevant information when making financial decisions.
