Cloud and AI power innovation in the lending sector

Cloud and AI innovations are being deployed to provide an improved experience for borrowers and lenders.

 

defi SOLUTIONS offers lenders end-to-end solutions for the loan or lease lifecycle, partnering with banks, credit unions, and finance companies as they work to meet borrower expectations.

 

It has implemented two platforms, one from Amazon Lex and the other from Genesys Cloud CX, to help empower its business process outsourcing team as it works with lenders from across the US and in Canada.

 

The Genesys Cloud CX platform is an all-in-one, composable CCaaS and employee experience solution, and Amazon Lex is a fully managed AI service with advanced natural language models to design, build, test, and deploy conversational interfaces.

 

By using the two cloud platforms, BPO team members can offer a modern client experience with digital interactions and intelligent virtual assistants, whether they are working remotely from across the US or in the defi BPO Amherst, New York facility.

 

The company’s new technology stack is now omni-channel for all customer interactions via a single hub, AI-enabled for current and future innovation and features intelligent virtual assistants for all or part of a customer interaction. defi can now offer lenders and their borrowers improved response times and the digital interaction borrowers demand through AI-powered messaging that simulates human conversation through voice or text commands, Natural Language Processing (NLP) with Interactive Voice Response (IVR) for hands-free menu responses and IVR payments that are accepted any time, from anywhere without agent interaction.

 

“We are continuously seeking to improve our processes and services,” commented Steve Bissett, VP client services, defi SOLUTIONS. “These cloud technologies are giving us the tools we need to satisfy our lenders and their borrowers today and for the future.”

 

Pic courtesy of Emerj.

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Book of the Month*

The Serendipity Mindset: The Art and Science of Creating Good Luck

By Dr Christian Busch
Serendipity is an aptitude for making desirable discoveries by accident. To other people it looks like “good luck”, but it is more the ability to recognise and seize an opportunity, rather than have good fortune thrust upon one. Finding a wallet stuffed with money on the conference room floor is good luck, whereas holding it up and asking if anyone has lost their wallet might be the beginning of a valuable friendship – that would be serendipity.

Chance encounters, or strokes of fortune, feature in countless stories of business success. This book looks beneath the surface, reveals and teaches the mindset that can transform pure chance into opportunity. The author is director of the Global Economy Program at New York University’s Center for Global Affairs, and a lecturer at the London School of Economics.

Serendipity is an aptitude for making desirable discoveries by accident. To other people it looks like “good luck”, but it is more the ability to recognise and seize an opportunity, rather than have good fortune thrust upon one. Finding a wallet stuffed with money on the conference room floor is good luck, whereas holding it up and asking if anyone has lost their wallet might be the beginning of a valuable friendship – that would be serendipity.

The author says “This is a book about the interactions of coincidence, human ambition and imagination”. In the above example: finding the wallet is the coincidence; ambition is the desire to make something of the discovery; add imagination and you open up a whole menu of possibilities: from spending spree to earning a reputation for honesty – or even making a wealthy friend.

Business is typically forged on human ambition and imagination, but early success often feeds an appetite for control – and “control freaks” can be blind to the opportunities thrown up by the unexpected. They only see chance events as distractions. If plans go awry, they may blame the failure on “bad luck” rather than admit their own inflexible attitude.

The author himself admits to being “a German who is used to planning” and prone to feel anxious when something unexpected happens. That makes him an ideal teacher, because he has worked hard to discover and analyse the mindset that enables one to “connect the dots” and cultivate serendipity. He presents a goldmine of examples from science, business and life where an apparent mishap or failure lead to a breakthrough.

Indeed, studies suggest that around 50% of major scientific breakthroughs emerge as the result of accidents or coincidences. A well-known example is Alexander Fleming’s discovery of penicillin, launching the whole field of antibiotics. Other examples include X-rays, nylon, microwave ovens, rubber, Velcro, Viagra and Post-it Notes – where would we be without these!

The book goes beyond the ability to recognise and respond to opportunities in chaos, but the subtitle – The Art and Science of Creating Good Luck – is actually a bit misleading. True, he does show ways to develop better fortune, but it would be better to call it “inviting” or “encouraging” good luck. For example, he suggests better ways to start a conversation with a stranger – ways that will make it more likely to lead to chance connections or shared interests.

The publishers may have chosen the word “creating” to make the book appeal to the human desire to control – for control freaks are exactly the readership that would benefit the most from this book’s wisdom and practical advice.

For the rest of us, it offers a great way to rediscover the sense of play that is so important in life – and too often lost in business.

 

“Following the success of The Serendipity Mindset hardback, a paperback edition has also now been launched under the title “Connect the Dots”.

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