09 04

Residential mortgage servicing, the process of collecting your mortgage payments and passing the right amounts to investors, tax authorities, and insurers is probably not the first industry you would think of as a hotbed of digital transformation.

The story told to me by Mr. Gandhi of SPS is impressive, and I hope it inspires your digital transformational journey, regardless of your industry.

SPS and Infosys have been working together to transform the paper-intensive mortgage servicing industry digitally.

SPS is improving the customer experience by translating documents into data points and data points to usable information.

Utilizing artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) on the petabytes of data created with each customer touchpoint through various channels, be it the mobile application, written correspondence, website, phone calls, and then collating and correlating those data points is improving the customer experience.

SPS is using digital technologies to transform the mortgage servicing value chain fundamentally.

It has transformed paper-based archaic processes to reduce cost and improve scalability while remaining 100% committed to unwavering compliance standards while significantly improving the customer experience.

Bringing operational efficiencies and ensuring compliance standards are met by reducing cost and time through digital document management is certainly not the purview of just the mortgage servicing industry.

Techniques such as using ML-driven document classification to identify the right document types and versions, extracting relevant data from multiple document types using OCR and NLP can undoubtedly be applied to other industries.

Add your comment