Alfresco Announces AI Customer Experience Solution to Accelerate and Simplify the Process of Applying for a Bank Loan
November 26, 2018
Alfresco Digital Business Platform leverages more than 50 Amazon Web
Services solutions to achieve improved customer experience and
competitive advantage for lenders
LAS VEGAS–(BUSINESS WIRE)–#ADF—Alfresco
Software, a leading enterprise open source provider of process
automation, content management and information governance software,
today launched the first technology demonstration utilizing artificial
intelligence (AI), machine learning (ML), and process automation to
improve the experience of applying for a home loan. The Alfresco
solution adds value for the customer via simplification and speed, while
simultaneously making the underwriter’s job easier by giving them all
the information they need to approve the mortgage in one place.
The Real World Need
Almost 97 percent of online banking applications that are started are
abandoned1 and, according to Fannie Mae’s National Housing
Survey, it could be because borrowers want less paperwork2.
Econsultancy found that financial services brands see customer
experience and customer service as key differentiators, followed by
product innovation and quality3. They asked financial
services and insurance (FSI) organisations how they would seek to
differentiate themselves in the next five years and the top response in
retail banking was “Customer experience – making the experience on
our properties easy/fun/valuable.” How are banks going to do this?
Well, according to Techemergence, the future of finance will be heavily
influenced by emerging fintech and AI applications setting the stage for
increasing competitiveness among the industry’s leading giants4.
Financial Services Customer Experience Re-imagined
Alfresco today launched a highly innovative mortgage loan application
process and customer experience, enhanced by the assistance of a broad
range of Amazon Web Services (AWS) solutions. AWS DeepLens and Amazon
Alexa launch the process and facilitate the interaction, while
behind the scenes Amazon SageMaker, Amazon Rekognition, Amazon
Comprehend, and Amazon Polly perform ML and AI tasks helpful
to loan officers – from facial recognition to sentiment analysis and
language translation.
The demo shows how initial audio and video content assets are captured
in real-time, analyzed, tagged with metadata, transcoded, translated as
necessary, and deposited into the Alfresco
Digital Business Platform –running within Amazon
Elastic Compute Cloud (Amazon EC2), AWS Lambda, and backed by Amazon
Simple Storage Service (Amazon S3) and Amazon Glacier— to
initiate the loan process. Details captured during the interaction are
used by the Alfresco Platform to automate the preparation and storage of
application documents. Amazon Kinesis streams data to Amazon
Macie to flag any personally identifiable information (PII) so that
it can be classified and protected in compliance with applicable
regulations. The Alfresco Digital Business Platform was designed to
manage the end-to-end approval process, ensuring that the right people,
have the right information, at the right time to expedite case
resolution.
“Our technology demonstration is an amazing convergence of how
artificial intelligence, machine learning and process automation can
dramatically improve customer experience across a variety of vertical
markets, not just financial services,” said Darren Yetzer, vice
president of strategic partnerships at Alfresco. “The most exciting news
is that we have several partners that are building these type of
real-world solutions today – so this is so much more than just a
demonstration.”
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AWS re:Invent 2018 – Where & When |
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Alfresco Location: |
The Quad, ARIA Hotel, Level 1 |
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Booth: |
#330 |
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Date: |
November 26-30, 2018 |
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Alfresco’s executive leadership, sales and engineering team are eager to
share how their strategic direction can change the way enterprise
architects, developers and system administrators can build, deploy and
improve process automation, content management and information
governance projects. One-on-one meetings and product demonstrations are
being scheduled upon request. To reserve a meeting time, please go to https://www.alfresco.com/events/aws-reinvent-2018.
About Alfresco Software, Inc.
Alfresco Software, Inc. (“Alfresco”) is an enterprise open source
software company focused on advancing the flow of digital business. The
company provides a better, more effortless way for people to work,
making sure they have the information they need, exactly when they need
it most. The Alfresco Digital Business Platform is used to digitize
processes, manage content and securely govern information. Alfresco
helps over 1,300 industry-leading organizations, including Cisco, Bank
of NY Mellon, Capital One, US Department of Navy, the Joint Chiefs of
Staff, and NASA, be more responsive and competitive. Founded in 2005,
Alfresco has its U.S. headquarters in San Mateo, California, and
European headquarters in Maidenhead, UK. For more information on
Alfresco, please visit http://www.alfresco.com.
1 “Reduce
Application Abandonment.” Experian Information Solutions Inc.,
2 Apr. 2018.
2 “Now
Is the Time to Adopt Digital Mortgage Technology.” Fannie Mae,
28 Aug. 2018.
3 “Digital
Intelligence Briefing: 2018 Digital Trends in Financial Services.” The
Econsultancy/ Adobe, June 2018.
4 “AI
in Banking – An Analysys of America’s 7 Top Banks.” Techemergence,
16 Sept. 2018.
Contacts
Sara Black
213-618-1501
Sara@bospar.com