The launch of Figure Technology Solutions’ AI-powered chatbot, which was created with the most recent large language models, was announced today. Figure is a provider of a disruptive and scaled technology platform designed to improve efficiency and transparency in financial services. By utilizing AI and machine learning to power its revolutionary lending ecosystem solutions and sustain a highly stable loan portfolio, Figure is demonstrating its dedication to this goal with this strategic launch. Figure is demonstrating its ability to integrate AI into daily operations, providing efficiency and effectiveness in servicing and targeting customers, with its existing AI/ML processes ranging from advanced prospect targeting capabilities to processes designed to streamline operations.
The goal of Figure’s AI chatbot is to improve and expedite the HELOC application and origination process, as well as the platform’s overall customer service experience. During and after the hours that Figure’s Customer Support Specialists are in operation, the chatbot is accessible to offer operational support. In an effort to speed up customer response times and free up Customer Support Specialists’ time to handle more intricate queries, the chatbot offers Figure’s CSS sample answers to frequently asked questions about HELOC products and application procedures during business hours.
Figure’s AI chatbot is intended to answer basic questions after hours, making the application process easier for clients. This AI chatbot acts as round-the-clock support, enhancing the usability and effectiveness of Figure’s loan origination platform by assisting users with their initial inquiries and offering crucial information and help. As a result, Figure’s lending technology solutions platform will function more efficiently and its customer service experience will be enhanced.
The AI chatbot demonstrates Figure’s ongoing efforts to create a lending technology platform that is among the best in the industry and that streamlines and expedites the loan origination and purchase processes. With the use of AI chatbot technology, Figure has been able to handle a nearly 30% increase in monthly chat volume while still offering HELOC customers a constant, round-the-clock channel of communication and more accurate responses.
Chief Data Officer at Figure Technology Solutions Ruben Padron stated, “The mortgage lending space is still highly manual, and there remains a pressing need for automation within the industry.” “We think Figure is putting itself at the forefront of the tech revolution in the mortgage space with the creation of extremely effective customer solutions like the AI chatbot.” “Our aim is to enhance the efficiency of the mortgage and lending industry by leveraging our generative AI portfolio to support our in-house tech-enabled platform. This will allow us to optimize value for our partners and customers.”
In the future, Figure plans to keep improving the AI chatbot to better assist users. Some of the improvements will be in the areas of context saving, customer verification, and chat history carry-forward.