Enterprise conversational AI platform vendor, ServisBOT has announced that its platform has been used by Cenlar FSB to create two chatbots that offer borrowers a new digital self-service option. Using its most recent Borrower Bot solution, Cenlar has achieved a 75% containment rate with only one out of four borrower requests being handed over to live chat agents.
Cenlar FSB, the leading loan subservicing provider in the United States, initially used the ServisBOT platform to rapidly create a mortgage forbearance bot, following the passing of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
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For organizations handling queries in the millions, using bots to successfully resolve even a small percentage of requests makes a big difference to customer satisfaction and agent productivity.”— Cathal McGloin, CEO, ServisBOT
The success of this first chatbot inspired the creation of a Borrower Bot to facilitate self-service and scale support to handle an increased volume of borrower enquiries. Incorporating this chatbot in front of a modern live chat solution was critical to being able to automate common requests while offering a smooth handover to a live agent when necessary. This enabled agents to focus on more unique or complex borrower issues.
Typical requests handled by the Borrower Bot are related to how to make payments, set up autopay, learn about loan transfers, request a 1098 tax form, escrow queries, and more. These selections are presented in a menu, where the borrower can select an option or choose to type a question via free-form text. For issues that are not resolved using the bot, a borrower can choose to be handed over to a customer service agent via live chat. In doing so, the bot passes on relevant information so that the agent has the context to assist the customer. Since implementing its Borrower Bot, Cenlar has seen a 75% reduction in the number of queries escalating to live chat during office hours.
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“The partnership with ServisBOT has been great. They were fast when fast was needed. The agility and flexibility of their solution and services meant that they could train and make modifications to the bot quickly, meeting our needs at each turn,” reports Lou Sigillo, Senior Vice President for Contact Center Operations
By using ServisBOT’s reusable, scalable technology, Cenlar was able to create these solutions and it plans to continue to offer more self- service options.
“We are thrilled to see how effectively Cenlar FSB has implemented its first two bots on our platform,” says Cathal McGloin, CEO of ServisBOT, “When organizations are handling queries in the millions, using a bot to successfully resolve even a small percentage of inbound requests makes a big difference to customer satisfaction and agent productivity. Achieving a 75% containment rate is hugely beneficial to borrowers and the business.”
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