Mortgage Banks want to better understand the borrower’s needs, increase their revenue and generate referrals from realtor partners to remain competitive in the mortgage banking domain. Einstein Analytics for Financial Services leverage Salesforce’s complete intelligence platform powered with analytics to help mortgage industry to achieve these goals.
Einstein Analytics for Financial Services is a customizable analytics solution by Salesforce that provides AI-augmented business intelligence to Banks and wealth management institutions. Einstein Analytics combines AI and analytics with the existing business applications like CRM, marketing automation platforms to deliver an intelligent experience to mortgage banks.
Features of Einstein Analytics to deliver the intelligent experience
Action oriented: Einstein Analytics platform is designed is such a way that it connects different applications so that insights can be drawn and actions can be taken within the same platform.
Simple Architecture: Einstein Analytics is based on no code AI and Natural Language Interface so that it can be deployed without much IT infrastructure changes.
Accountable AI: The recommendations made by the platform are transparent and can be trusted and are always backed with the logic or explanations behind to reach these recommendations.
Automated Data Discovery: The AI built in platform’s automated data discovery feature helps to discover insights and trends, predict outcomes, find recommendations and act upon it quickly.
Complete Analytics: Einstein Analytics provides complete analytics including descriptive, diagnostic, predictive and prescriptive analytics along with recommendations and explanations.
Advantages of using Einstein Analytics in Mortgage Industry:
Better understanding of borrowers:
- Einstein Analytics have pre-built dashboards to analyze the borrower distribution by multiple dimensions such as demographics, age etc.
- These analytics can help to identify additional services that are well suited for their mortgage needs
- Einstein Analytics also helps to gain visibility into the LOs are spending time with the borrowers and discover ways to maximize workplace efficiency with hindsight analytics.
Track and optimize the referrals:
- Referrals can be tracked and referral data can be analyzed to derive key insights using Einstein Analytics.
- Referrals over time can be analyzes to see analytics about KPIs like conversion rates, total loan volume from converted referrals and average days to convert.
- Details on conversion rates can be segmented by product and referral partners based on which mortgage banks can prioritize the products as well as referrals.
Provide relevant and personalized experience:
- Mortgage banks can quickly and easily build custom analytics apps, connect to external data sources to better understand the borrower’s financial goals and needs.
- Mortgage banks can bring in external data on loan payments and credit card balances, as well as customer satisfaction to provide proactive and personalized services.
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