The company’s new offering is interoperable with banks’ existing legacy systems
Intelenet Global Services has launched a lending suite based on artificial intelligence and automation in an effort to help traditional mortgage providers improve the customer experience amid disruption from non-traditional players.
Intelenet has launched the suite with their banking clients, claiming its new offering allows banks to generate mortgage offers in 30 minutes. The company also claims that the suite reduces processing time by 40% and costs by 50% due to the product’s interoperability with banks’ existing legacy systems.
Banks do not need to replace their current infrastructure to see speed and accuracy improvements, Intelenet said, as the product integrates with existing core systems. The company cited McKinsey data that showed less than 30% of first-generation core banking systems replacements succeed.
“Consumers are constantly searching for the best deals to enable them to invest in their dream home as quickly as possible. The last thing a customer wants is for this landmark time in their life to be tainted by long waits and arduous processes to get things moving,” said Nitin Sahni, director of corporate services at Intelenet.
“Revamping the core banking system seem daunting for banks who recognize there is a need to change their system but are deterred from the exorbitant implementation costs. Totally replacing the core business systems which largely underpin all banking operations is not feasible. Firms are looking for solutions to cut costs and processing times which fit alongside these systems,” Sahni said.
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