Financial technology firm Effi has announced its latest game-changer for Australia's mortgage brokers with the launch of a new tool that will dramatically reduce lead conversion times and streamline interactions with customers.
Following the launch of its mortgage broker management platform in June, Effi has expanded the functionality of its digital concierge to allow mortgage brokers to automatically engage with customers through the AI-powered SMS Campaign Bot.
Effi's SMS Campaign Bot is an AI-powered conversational bot that communicates with customers automatically via text or email to convert potential clients into leads. Rather than needing to individually reach out to each customer, the automation tool can save a significant amount of follow-up time by contacting a database of contacts to schedule a follow-up call or run a specific marketing campaign. Thanks to its powerful AI, the SMS Campaign Bot will take care of all communication and scheduling, giving time and flexibility back to mortgage brokers.
"Brokers have been burdened with day-to-do administrative struggles for years, all in an effort to ensure comprehensive recordkeeping and to meet their necessary financial and compliance obligations," said Effi founder Mandeep Sodhi.
"This has led to an industry where real, genuine client engagement is king, and for brokers to be able to do this effortlessly while on the move, having access to an intuitive AI-powered solution that learns with each interaction will have a transformational impact on the sector. Its engagement with ease, delivered efficiently across any channel or touchpoint. At Effi, our goal is to create intelligent tools to enable brokers to be productive beyond their human limitations."
As with all artificial intelligence, the SMS Campaign Bot only gets smarter with each customer interaction. If the bot detects an abnormal customer interaction, it will flag the broker to take over the conversation.
While the bot has only just launched, Effi has already seen brokers find original use cases for the new machine learning tool.
Collins Mayaki, founder and CEO of Sydney mortgage broker Wealthy You, has already had a hands-on preview of the SMS Campaign Bot and was amazed by the results.
"We were blown away by SMS Campaign Bot's ability to drive an engaging conversation in a natural language, which creates the perception that the broker is actively participating in the dialogue," said Mayaki. "We can't wait to try it out with more use-cases, and because it uses continuous machine learning, the experience will only improve over time."
Collins also described how Effi technology will improve Wealthy You services, “This new technology and our strategic partnership with Effi has been great and we can expect it to increase our current settlements between $12,000,000 - $15,000,000 per month to over $20,000,000 per month in the coming months, which is very positive for our growing team”
NSW Government Grant
The release of the SMS Bot follows as Effi has received a Minimum Viable Product (MVP) grant from the NSW government. These grants are intended for pre-revenue technology startups to assist them engage with potential new customers in order to achieve market validation and first sale.
The grant matches funding up to 50% of approved project costs up to a maximum of $25,000, with successful applications receiving 35% up-front and 65% after completion and validation.