AI might be the answer to solving the ongoing crisis around broker turnaround times, according to a leading provider of software solutions in Australia.
PEGA, who deal in omnichannel customer experiences and software backgrounding for large businesses, have created various products that assist banks with decision making and can help brokers to streamline their clients and get a faster pathway to ‘yes’ on mortgages and other deals.
Broker have seen turnaround times balloon out in the recent property boom in Australia, with some now facing waits of four to six weeks to see their loan applications approved.
“The whole point around turnaround time is so critical. Brokers want to get an offer back as quickly as possible, get their customers the best offer and do so in a way that means they can settle the business.”
“Turnaround times at the banks has been a real issue, and that comes down to the ability of organisations to take the information that they have been presented and get it through their relatively slow backends to get an offer back that brokers can present to their customers.”
“Our Credit Risk Hub allows those parameters to be dealt with in real time, and we can use AI to influence decision making, so that we can get things back more quickly and get that offer on the table.”
“Depending on the circumstances of the end customer, that’s always going to vary: if they’re a salaried individual with good credit history, that offer should be able to be bounced back in almost real time.
“But with more complex deal, like a self-employed person, you might need additional information, you want to pull that through and look at the totality of the picture to back sure that you make the right decision for the customer and for the bank, that’s where the intelligence really comes into play. You can pull on those additional sources to help you make that decision and make it quickly.”
