Aspire Home Finance implements AI to better customer service, operational performance


The home mortgage enterprise leverages shrewd ChatBot and Robotic Process Automation to beautify the consumer experience.
Aspire Home Finance Corporation (AHFCL), a subsidiary of Motilal Oswal Financial Services (MOFSL), has its approach aligned with the government’s initiative of “Housing for All.” The company works on the commercial enterprise philosophy of economic inclusion of Lower and Middle Income (LMI) Indian households through supplying them get right of entry to long-time period housing finance.

AHFCL has serviced greater than 60,000 Indian households and has a presence in one hundred twenty-five places across nine states. It employs extra than 1,200 people.

Home Business

Technology has been a key enabler for Aspire in providing constant services that exceed its huge patron base’s expectancies.
The robust IT team, headed with Tahir Shah, Vice President – Business IT, Aspire Home Finance Corporation, has helped the agency comfy and reinforce its operations and scale up the business.

Excerpts from an interaction with Tahir Shah:

Q: What opportunities do you foresee using AI for better enterprise offers In India’s home mortgage market?

Shah: In today’s global, every commercial enterprise is targeted at accomplishing efficiency, velocity, and accuracy in supplying offerings to clients. Artificial Intelligence (AI) enables attain these parameters. The monetary offerings industry has visible a remarkable effect of AI and the house loan commercial enterprise segment. There are many opportunities in the shop for the home loan commercial enterprise shortly leveraging AI.

AI is critical in providing better, faster, and green customer offerings in these days’ rather competitive home loan section. AI plays a big position here. The generation enables in growing an understanding of the customer before disbursing a mortgage.

Another region wherein automation technology makes a large difference today is cybersecurity. Machine learning, as an instance, has been notably leveraged nowadays in preventing fraudulent financial transactions.

AI additionally gives us insights in attaining out to the proper consumer at the right time. That’s one critical detail for enterprise boom these days.

Q: How have you ever followed this technology at Aspire?

Shah: Motilal Oswal Financial Services has continually been a pioneer in adopting new-age digital technologies that might offer better customer support and operational efficiency. AI is really a key cognizance area for us at Aspire. Some of our recent AI projects had been in the main round chatbots and Robotic Process Automation (RPA).

The ‘shrewd chatbot’ that we deployed helps us substantially resolve client queries briefly and powerfully, which gives an awesome purchase experience in phrases of addressing queries speedily and accurately.

As one of the first users of RPA within the domestic mortgage section, we’ve witnessed considerable growth in operational efficiency. We have computerized banking obligations by using clever software robots to obtain reviews and updates as quickly as feasible instead of expecting hours.

Q: Can you throw extra light on the combination of demanding situations around AI technologies? How did you prepare the legacy surroundings for the brand new generation?

Shah: There were a few demanding situations to triumph over earlier than we ought to put into effect AI-primarily based answers successfully.

One of the critical, demanding situations changed into to make a few changes in the core business applications so that the combination with the new generation would be easy. The integration challenges had been frequently due to external factors. We carried out our understanding and area information to address it. We are in the constant zest to look for higher technology that may result in RoI, and due to that, legacy structures are not a good deal of a hassle for us.

Q: Typically, a brand new technology may replace a number of the old applications or infrastructure. That’s a massive fee factor. How become this addressed?

Shah: We have a systematic assessment technique in an area with a 360-degree technique to evaluate any new generation. We have a dedicated generation research team that explicitly works on the identification of new technology. The adventure of the transition from vintage to new may be very systematic, and we make certain suitable RoI in such transitions very carefully.

Q: What are the ROIs on automation/AI technologies, which might make the impression high priced?

Shah: As mentioned, we have an era studies team that carefully evaluates the generation, including its RoI and its longevity. The niche technology is selected based totally on a couple of criteria, and value is not the simplest factor aligned with it.