5 steps to improving CX when processing loan applications with Quadient technology & AI

Antoine Hemon-Laurens
Posted by Antoine Hemon-Laurens Product Marketing Tuesday, October 17, 2017 - 17:21

Antoine Hemon-Laurens has a strong expertise in Digital Transformation and Customer Engagement solutions. His role at Quadient is to drive product strategy and to conceive innovative solutions helping insurers and banks to better engage with their customers. He focuses on mobile solutions, customer engagement, digital signatures and new technologies such as blockchain and artificial intelligence to help enterprises grow their revenues and reduce their operational costs

Customer Experience Update
5 steps to improving CX when processing loan applications with Quadient technology & AI

Artificial Intelligence (AI) is poised to be one of the biggest disrupting technologies of our lifetime. It is bound to transform our lives and will impact everything from our work habits to our relationships with others. We have already begun to see new services leveraging Bots, machine learning and artificial intelligence.

At Finovate 2017 in NewYork City, myself and Robert Tucker presented an example of how Quadient technology and Artificial Intelligence combined can improve customer experience when processing a loan application.

 

 

 

The demo illustrates 5 distinct steps for creating a seamless loan application process

Step 1 – Prospect profile building: The prospect exchanges through Facebook Messenger to build his or her profile. Whereas an Agent would have handled these interactions, Quadient powers them up integrating with an Artificial Intelligence (AI) engine in this instance wit.ai. As more and more prospect requests come in, the machine learns and becomes more performant. We estimate that up to 30% of exchanges can rapidly be handled by a machine instead of an agent saving millions to Enterprises. This figure will continue to grow as technology improves. Once the user profile has been qualified, a dynamic form is sent to the prospect in Facebook Messenger and by email to finalize the underwriting process.

Step 2 – Underwriting process completion: The prospect accesses the form and finalizes the underwriting process. This dynamic form is created in real time and personalized. It shows user profile details collected during earlier exchanges in Facebook Messenger. Quadient technology also integrates with 3rd party databases and solutions to make the underwriting process frictionless. This way, the prospect is asked to validate important details only. A golden record is held in Quadient’s backend enabling the prospect to switch from one channel to another. In the demo, Robert shows how to switch from a smartphone to a tablet restarting the process from the last point of entry.

5 steps to improving CX when processing loan applications with Quadient technology & AI

Step 3 – Policy composition: Once the underwriting process is complete, Quadient processes data following a set of defined rules. It then generates a regulatory compliant document that is submitted to DocuSign a 3rd party signature partner. This document composition process happens in the background in real time. It generate a personalized policy.

Step 4 – Sign-off: The signature ceremony starts with the policy to sign showing signature tags on each page. The prospect navigates through pages to approve the content. A notification is sent to Facebook Messenger once the document is signed.

Step 5 – Archiving: The notification in Facebook Messenger enables the prospect to download the signed document. This document is also archived at a 3rd party archiving system trusted by the Enterprise.

Follow this link What is Digital Experience if you would like to learn more about Quadient technology used to create this demo