RESEARCH REPORT
RESEARCH REPORT
How AI can help the loan process
associates, and some are best left to human intelligence. The team drilled down into the stages of the application process and mapped AI recommendations along the CX value chain, based on guidance from Figure 1.
Considering costs and benefits to the business, customers, and the effort versus return, TTEC researchers created a matrix of AI hot spots financial brands can implement within the loan customer journey. Some areas can be fully automated, some augmented to support – James Bednar, VP of Product Innovation, TTEC “
This type of experience – complex, data-heavy, full of manual processes and friction – creates the perfect environment for an AI upgrade. But AI is not an all-or-nothing decision. There are nuances to consider about what types of AI work best in individual parts of the journey (see Figure 1). Figure 1: When to use AI to automate, augment, or invest in humans The chart provides general guidance on when AI-powered full automation or human-centered augmentation is best, plus when to keep the task in full control by people.
To launch the AI research series, we started with a common customer journey that is also ripe for an AI boost: the bank loan application process. According to the Federal Reserve, bank and credit loans are at an all-time high , with more than $12 trillion in loans and leases outstanding in the United States alone as of mid 2023. Anyone who has ever applied for a loan knows it is a manual, time-consuming, complex process, with layers of paperwork for financiers, lawyers, underwriters, and more. Highly sensitive data is shared across many groups, opening the potential for error or fraud. And since money is involved, it’s an emotionally charged experience for most borrowers.
“If it’s about my money, my health, or my kids, I want to talk to a real person.”
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When to Automate (for customers or employees)
When to Augment
When to Invest in humans
When you need clear information that does not require interpretation
When you need clear information that requires some interpretation
When you need interpretation that does not require clear information
• Data is easily available and accurate
• Consolidate multiple information sources
• Provide context to a situation
• Static processes that don’t change
• Find information fast
• Act based on social cues or intangibles
• Choices must be made with the data
• Data is easily available in a single source
• Emotionally charged decisions
Source: TTEC
4 | AI/CX VALUE CHAIN ANALYSIS: BANK LOANS
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