Figure Technology Solutions Announces Launch of AI-Powered Chatbot to Further Streamline HELOC Origination Process, Expanding its Generative AI Portfolio
AI Chatbot to Improve Customer Support Efficiency and Customer Experience
NEW YORK–(BUSINESS WIRE)–Figure Technology Solutions (“Figure”), provider of a disruptive and scaled technology platform built to enhance efficiency and transparency in financial services, today announced the launch of its AI-powered chatbot built using the latest generation of large language models. This strategic launch demonstrates Figure’s commitment to harnessing the power of artificial intelligence and machine learning to help drive Figure’s transformative solutions for the lending ecosystem and maintain a highly consistent loan portfolio. With its already existing AI/ML processes spanning from advanced prospect targeting capabilities to processes designed to streamline operations, Figure continues to demonstrate its prowess in integrating AI into everyday operations, offering efficiency and effectiveness in serving and targeting its customers.
Figure’s AI chatbot is designed to enhance and streamline its HELOC application and origination process as well as the broader customer service experience on Figure’s platform. The chatbot is available to provide operational support during and after Figure’s Customer Support Specialists’ operation hours. During operation hours, the chatbot provides Figure’s Customer Support Specialists with sample responses to common HELOC product and application process questions, with the aim of shortening response times to customers and allowing Customer Support Specialists to focus on resolving more complex inquiries in a timely fashion.
During after-hours, Figure’s AI chatbot is designed to address fundamental inquiries, facilitating a seamless application process for customers. From guiding users through initial queries to providing essential information and assistance, this AI chatbot serves as around-the-clock support, improving the accessibility and efficiency of Figure’s loan origination platform. In turn, this will help strengthen the customer service experience on Figure’s platform and drive increased efficiency within its lending technology solutions platform.
The AI chatbot highlights Figure’s continued efforts to develop a best-in-class lending technology platform that makes the loan origination and loan purchasing process more seamless and efficient. With the AI chatbot technology in place, Figure has been able to absorb an increase in monthly chats by nearly 30%, all while providing more accurate answers, and an always-on, 24/7 communication channel for HELOC customers.
“The mortgage lending space is still highly manual, and there remains a pressing need for automation within the industry,” said Ruben Padron, Chief Data Officer at Figure Technology Solutions. “Through the development of highly efficient customer solutions like the AI chatbot, we believe Figure is positioning itself at the forefront of the tech revolution within the mortgage space. By investing in our generative AI portfolio to bolster our proprietary tech-enabled platform, we are excited to continue to drive efficiency across the broader mortgage and lending ecosystem and maximize value for our customers and partners.”
Looking ahead, Figure expects to continue to make enhancements to the AI chatbot to better support customers, including by offering better context saving, customer verification, and chat-history carry-forward.
About Figure Technology Solutions
Figure Technology Solutions provides a disruptive and scaled technology platform built to enhance efficiency and transparency in financial services. Figure Technology Solutions aims to leverage the loan origination activities of its subsidiary, Figure Lending LLC, and its vast network of loan origination partners to deliver and scale new products. Its platform is designed to create more transparent and efficient capital markets through the unique combination of its cutting-edge technology and the growing pool of assets originated on its platform. Figure Lending is the largest non-bank originator of home equity lines of credit* (as of 2022, the most recent year with comparative data). With Figure Lending’s HELOC product, consumers can get approved for a loan in as few as 5 minutes, with funding in as little as five days. The company was founded in 2018 by serial technology entrepreneurs Mike Cagney and June Ou, the visionaries behind the successful transformation of SoFi into a multi-billion-dollar business. To learn more, please visit www.figure.com.
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