Eighty-three percent of the average homeowner’s wealth at retirement comes from home equity. For the other 17 percent — found in a 401(k), savings accounts or other investments — there’s often a financial advisor or some other knowledgeable person to help steer them down the right path. But who’s in charge when it comes to managing the wealth associated with owning a home? Ultimately, of course, it’s the homeowner.
The problem is that many homeowners aren’t equipped with the knowledge to make educated financial decisions on matters such as whether it’s the right time to refinance, or whether they have enough home equity to consider buying a new home. While these are pretty simple questions, people often shy away from trying to understand, because finances tend to be an intimidating topic. And as a result of this lack of knowledge, research shows that U.S. homeowners are losing up to $100 billion in wealth every year because they aren’t making good financial decisions. The U.S. homeownership market is the largest asset class in the world at $30 trillion, but it is essentially an “unmanaged” asset.
This is where Homebot can help. Created in early 2016 and based out of Denver, Colorado, Homebot is a dynamic, personalized financial dashboard that empowers homeowners to build wealth with the largest asset they will ever own — their home. Homebot has created a system of intelligence that connects loan officers and real estate agents to their clients on a regular basis, allowing homeowners to build on their wealth and keep their lender and Realtor top of mind along the way.
The core idea behind Homebot is that it’s not just about the transaction when it comes to a home; it’s the relationship before, during and after the purchase that makes a mortgage professional add value to homeowners. Homebot enables agents and loan officers to give their clients actionable, valuable home finance and home equity information that will make them wealthier and more financially savvy, and ultimately change their lives for the better.
Homebot isn’t an app that has to be downloaded, but it’s a mobile-friendly website featuring automatic content updates, co-branding opportunities for agents and loan officers, and client and lender notifications. In fact, a homeowner can only access the Homebot portal if invited by an agent or lender.
*Intent does not endorse or recommend any particular products or services. The information contained in this article is for general information purposes only.
To better understand consumers’ comfort needs and how artificial intelligence (AI) impacts people making important purchases, artificial intelligence-powered call tracking and analytics platform Invoca surveyed 1,000 consumers in the United States. The findings were compiled into a report alongside data from Adobe’s Experience Index. At a high level, the survey results reveal the most important aspect of consumers’ brand experiences to be the emotional quotient (EQ), or brand’s ability to recognize and respond to the customer’s emotional state — especially in instances of high-value purchases. Respondents were polled about different brands’ use of AI (machines, chatbots, smart personal assistants, etc.), with survey results showing that Generation Z is most receptive to AI but all age groups still gravitate toward personal service and prefer it come from a human instead of a machine.
Those surveyed do believe AI is growing in importance, and some respondents — especially those younger in age — prefer a chatbot, for example, over waiting a lengthy period of time on the phone to speak with a person. However, Invoca’s survey findings highlight AI’s technological limitations regarding its inability to meet EQ consumers’ demand in order to convert them. But this will likely change over the next five years as technology advances and machines become equipped to better replicate human emotions, read people’s faces, and interpret expressions and exhalations such as sighs. Experts believe the ability of machines to integrate EQ portends rapid expansion of AI throughout all sectors.\n\nThe more immediate future of AI, as this report illuminates, is a combination of human and automated support. In terms of the mortgage shopper or potential homebuyer, experts believe it essential to connect offline conversations such as phone calls to the online conversations that drive them. If a mortgage shopper has been talking with a chatbot and decides to call the loan officer, the loan officer must have all the chatbot background info to ensure a seamless experience. Or, when consumers book appointments over the phone, marketers could use that data to suppress digital retargeting campaigns.
Longer term, it is conceivable that a customer starts and ends the homebuying process with AI playing a central role. Invoca and Adobe offer a platform that brings call attribution and analytics into their Adobe Experience Cloud to measure total marketing ROI, lower acquisition costs, and drive more revenue. With their call analytics platform, marketers can connect phone calls and conversations to the online journey and use that view to create fully customized experiences.
Capacity has kicked mortgage technology in high gear by using artifical intelligence (AI) to create a mortgage automation platform that automates support for your borrowers, sellers, and team. Capacity streamlines the lending process for its clients by providing an automated platform that anwers home mortgage financing and refinancing questions and concerns for their borrowers while also supporting their loan originators and support team.
Capacity integrates with lenders’ key systems and interfaces with messaging platforms (like email or Slack) so loan officers can get answers fast by asking Capacity questions about borrower opportunities, loan statuses, guidelines, etc. Capacity will source this information and provide loan officers with an instant response. This greatly reduces the amount of time that loan officers and their support teams spend digging for information in their computers and other systems.
Following are some of Capacity’s key mortgage technology features:
- AI-driven conversations to capure and route new leads
- Round the clock support for sellers, borrowers, and support teams
- Instant access to Fannie, Freddie, USDA, FHA, and VA guidelines
- Sore and automatically inex internal guidelines and policies
- Initutive workflow for loan fulfillment and servicing
- Connect apps and data into a single system of engagement
In terms of office support, Capacity’s mortgage technology bot can help streamline basic office tasks. It can set up meetings, send emails, and share information without sending a text or opening a calendar entry. By taking care of these more basic tasks, it frees your team up for other revenue-generating activities.
Capacity has a knowledge base that contains the general information and borrowers’ frequently asked questions that they share with new customers. In this way, it speeds up the implementation process and allows you to begin autmating your borrower’s questions straight away.
In terms of mortgage technology, Capacity is at the top with its AI platform. To learn more, click here.