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), aligns its approach 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 by supplying them with access to long-term housing finance.
AHFCL has serviced more than 60,000 Indian households and is present in 125 places across nine states. It employs more than 1,200 people.
Technology has been a key enabler for Aspire in providing constant services that exceed the expectations of its huge patron base.
The robust IT team, headed by Tahir Shah, Vice President—Business IT, Aspire Home Finance Corporation, has helped the agency improve 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 aims to accomplish efficiency, velocity, and accuracy in supplying client offerings. Artificial Intelligence (AI) enables attaining these parameters. The monetary offerings industry has a remarkable effect on 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 greener customer offerings in today’s rather competitive home loan section. AI plays a big role here. The generation enables growing an understanding of the customer before disbursing a mortgage.
Another region where automation technology makes a large difference today is cybersecurity. Machine learning, for instance, has been notably leveraged to prevent fraudulent financial transactions.
AI additionally gives us insights into reaching the proper consumer at the right time. That’s one critical detail for enterprise growth today.
Q: How have you ever followed this technology at Aspire?
Shah: Motilal Oswal Financial Services has continually pioneered new-age digital technologies that might offer better customer support and operational efficiency. AI is a key area of cognizance for us at Aspire. Some of our recent AI projects have been in the main round of 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 by 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 using clever software robots to obtain reviews and updates as quickly as feasible instead of expecting hours.
Q: Can you highlight 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 making a few changes in the core business applications so that the combination with the new generation would be easy. The integration challenges have frequently been due to external factors. We carried out our understanding and area information to address it. We are in a constant zest to look for higher technology that may result in RoI, so legacy structures are not a good deal of a hassle for us.
Q: Typically, a brand-new technology may replace some of the old applications or infrastructure. That’s a massive fee factor. How will this be 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 identifying new technology. The adventure of the transition from vintage to new may be very systematic, and we carefully make certain suitable RoI in such transitions.
Q: What are the ROIs on automation/AI technologies that might make the impression of high prices?
Shah: As mentioned, we have an era studies team that carefully evaluates the generation, including its RoI and longevity. The niche technology is selected based on a couple of criteria, and value is not the simplest factor aligned with it.
