Today's mortgage servicers must embrace digital technologies to remain competitive. Leveraging an omnichannel contact center with advanced analytics is a huge step toward digital transformation and the sort of operational efficiency that gives mortgage servicers a competitive edge, especially in the area of collections.
Until the advent of the digital age, mortgage servicers were tasked with combing through extensive historical customer records to try to predict which accounts would become delinquent and which strategies would work best to collect on delinquent accounts. Machine learning, a subset of artificial intelligence, shifts that paradigm radically. Now, mortgage servicers have access to predictive and prescriptive analytics powered by machine learning that can help them predict which accounts are showing early warning signs of distress and will need attention, as well as the probable outcome of that attention.
When that capability is combined with the use of digital communications channels, debt servicers can proactively reach out to borrowers via their preferred communication channel, perhaps even before their account becomes delinquent.