Eligible.ai has launched an AI-driven tool, Conversations, to improve customer engagement in the mortgage market.
The company, which has been supporting UK banking customers since its establishment in 2017, identified that poor customer relationships can cost lenders significantly.
Research found that for every £1bn of lending, a lack of a strong customer relationship can cost lenders £9.6m in redemption issues, £1.2m in operational inefficiency, and £1.1m in compliance and reputational risk.
The technology focuses on using financial and behavioural data to tailor support for mortgage customers.
Through machine learning, the Conversations tool enables lenders to monitor mortgage clients 24/7 and engage them during critical stages of their mortgage journey.
Zahra Hassan, co-founder of Eligible.ai, said: “What AI can do today is interact with customers and measure their understanding of existing products before providing bespoke financial expertise.
“Based on this, we can start to form views on the likelihood that they might struggle to meet their payments.
“AI can be used to detect how well people understand their financial products and use this data to identify vulnerable customers, enabling better education and support.
“AI has the power to transform customer support from a reactive relationship to a proactive one.
“Instead of banks providing support only when the customer asks for it, AI can detect those who are likely to need assistance and proactively engage with them, fostering education and active dialogue.”
Ansh Mohapatra, product lead at Eligible.ai, said: “This latest release enables our partners to engage borrowers at more critical stages of their mortgage journey.
“Our advanced machine learning model allows us to prioritise the most relevant conversations, providing the personalised education consumers need to understand their next steps with real intent.
“We deliver these insights back, demonstrating that consumers are making informed, confident decisions about their mortgages.”
