The mortgage and personal lending industries have always been highly dependent on phones. Call centers, automated SMS messaging, and armies of business development representatives have been the industry standard for years.
While clearly effective (despite leaps in online technology, most are still handling inquiries about products like mortgages over the phone), at Augment, we believe there’s a better way.
Benefits of AI phone agents for financial services:
- Slashed costs of call centers and entry-level business development representatives
- Improved quality of calls, lead qualification, and customer support
- Unified branding and messaging across all prospective customers and active customers
- Infinite scalability, and zero latency call times
What are AI phone agents?
- AI phone agents are virtual assistants designed to handle customer interactions in financial services.
- They sound and respond like human operators, creating natural and seamless conversations.
- Available 24×7, they can manage an unlimited number of calls simultaneously without delays.
- They are cost-efficient compared to traditional call centers or employing additional staff.
These agents can:
- Providing account information.
- Assisting with loan or credit inquiries.
- Handling fraud alerts.
- Managing payment reminders.
- Integrating with existing financial systems and tools.
Why AI phone agents are an advantage
- Available 24/7 support
- AI phone agents ensure customers always have access to critical financial assistance, offering peace of mind by resolving issues like balance checks or lost credit cards, even during non-business hours.
- Cost savings
- By automating routine tasks such as transaction inquiries and payment reminders, AI phone agents lower operational costs, enabling financial institutions to allocate resources to more strategic activities.
- Consistent service
- AI phone agents provide consistent and precise responses to customer inquiries, eliminating errors and confusion, which enhances trust in services like loan explanations or credit card benefits.
- Customer satisfaction
- AI phone agents create a seamless and personalized experience by addressing concerns quickly and reliably, leading to greater customer satisfaction and long-term loyalty.
Use cases of AI phone agents in financial services
Inbound calling use cases:
- Initial loan inquiries and qualifications
- AI phone agents can instantly connect with prospects after receiving their contact information. With access to sales scripts and materials, they can qualify leads and conduct initial calls, eliminating the need for extensive call center infrastructures.
- Document collection and validation
- Mortgages and loans require extensive personal information, which can often derail the process due to the volume of paperwork. AI phone agents, being persistent and patient, can ensure every necessary document is collected and verified systematically, keeping the process smooth and error-free.
- Status updates on applications
- Post-application customer support is a significant part of the process. AI phone agents provide real-time updates on application status, address follow-up documentation needs, and answer customer queries, ensuring a hassle-free experience.
Outbound calling use cases:
- Refinancing
- AI phone agents can proactively contact previous customers about refinancing options, offering opportunities to lower interest rates or monthly payments. This outreach helps financial institutions increase revenues while providing strategic benefits to their clients.
- Debt collection
- AI phone agents can call customers to remind them of upcoming bill payments, reducing defaults and improving cash flow for financial institutions.
How can you test and implement AI phone agents for financial services
The mortgage and financial services industry are complex and contain a lot of operational moving parts. Massive profits will be awarded to the firms that can leverage exponential technology like AI phone agents first.
| Step | Action |
| Audit and Planning | Assess current processes, identify areas for AI automation, and ensure compatibility with tools. |
| Implementation | Test with real scenarios, and train staff on using the system. |
| Optimization | Review performance metrics, update policies and details, and schedule regular system improvements. |
At Augment, we believe that the mortgage and personal lending sector is in for a wave of changes rippling off of the artificial intelligence page. It’s why we’ve invested so much time, effort, and care into building solutions for financial servies.
If any of the above resonated, let’s talk. Our engineering team works directly with financial businesses and to craft AI phone agent solutions to fit their unique business needs and technology stacks. Schedule a time using the button below and get on the phone with one of our best and brightest.