The process of applying for a bank loan is arduous, at best, as a combination of regulation and lack of focus on improving the user experience conspire to make applications unpleasant to fill out. Likewise, loan officers are often subject to the drudgery of manually verifying information across stacks of differing forms, a task which can be more easily performed by computers.
At the AWS re:Invent conference on Monday, Alfresco Software demonstrated a new mortgage application concept that leverages a wide variety of Amazon Web Services solutions to facilitate the mortgage application process. According to an Alfresco press release, the application process is powered by AWS Deeplens and Amazon Alexa to facilitate customer interaction, while "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."
SEE: Research: Companies lack skills to implement and support AI and machine learning (Tech Pro Research)
Using these solutions, the customer data is captured and processed, and entered into Alfresco's Digital Business Platform, which itself operates using Amazon EC2 and AWS Lambda for computational tasks, with data stored in Amazon S3 and Glacier. Though the concept developed by Alfresco is only a demonstration, not a commercial product, the company is "imagining the future of banking by leveraging AWS technologies," a spokesperson said.
As other industries have begun to rely on AI-powered user experiences to both speed up transactions and make them easier for potential customers to complete, banks will need to rely on these innovations in the financial sector to remain competitive. A joint Econsultancy / Adobe report released in June 2018 cited customer experience as the "single most exciting opportunity" in the financial services industry, with over a quarter of respondents citing that as their highest priority.
SEE: AWS re:Invent 2018: A guide for tech and business pros (free PDF) (TechRepublic)
The big takeaways for tech leaders:
- Applying for a bank loan is an arduous process both for applicants and loan officers to navigate through, but open-source solutions vendor Alfresco has designed a new application process which leverages a variety of AWS services to ease this process for applicants and loan officers.
- Improving the customer experience in the financial services industry will be paramount for companies to remain competitive in the company years.
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James Sanders is a technology writer for TechRepublic. He covers future technology, including quantum computing, AI, and 5G, in addition to security, cloud computing, open source, mobile and satellite communications, and the impact of globalization on the tech industry, with a focus on Asia.