Aspire Home Finance implements AI to better customer service, operational efficiency

Aspire Home Finance Corporation (AHFCL), a subsidiary of Motilal Oswal Financial Services (MOFSL), has its approach aligned with the government’s initiative of “Housing for All.” The corporation works on the business philosophy of economic inclusion of lower and middle income (LMI) Indian households by providing them entry to lengthy-term housing finance. AHFCL has serviced over 60,000 Indian households and is in 125 places throughout 9 states. It employs more than 1,200 people. Technology has been a key enabler for Aspire in imparting steady offerings that exceed the expectations of its massive purchaser base.

The sturdy IT team, headed by Tahir Shah, Vice President – Business IT, Aspire Home Finance Corporation, has helped the organization secure and strengthen its operations and scale up the commercial enterprise. Excerpts from interplay with Tahir Shah: Q: What possibilities do you foresee using AI for better enterprise offers In India’s home mortgage marketplace? Shah: In today’s international, each commercial enterprise is focused on achieving efficiency, speed, and accuracy in presenting services to clients. Artificial Intelligence (AI) facilitates the gain of those parameters. The monetary offerings industry has seen an incredible impact of AI, including the home loan commercial enterprise section.

Many opportunities are in store for the home loan enterprise close to destiny leveraging AI. AI is crucial in presenting higher, faster, and green patron offerings in today’s surprisingly competitive domestic loan segment. AI performs an extensive position here. The technology allows for developing information about the customer before disbursing a mortgage. Another place where automation technologies make a massive difference nowadays is cybersecurity. Machine studying, as an example, has been drastically leveraged these days in preventing fraudulent monetary transactions. AI also provides insights into reaching the proper client at the appropriate time. That’s one crucial element for the enterprise boom nowadays.

Q: How have you ever followed this technology at Aspire? Shah: Motilal Oswal Financial Services has always pioneered new-age digital technology that would provide higher customer support and operational performance. AI is virtually a key cognizance area for us at Aspire. Some of our latest AI initiatives were primarily around chatbots and Robotic Process Automation (RPA). The ‘sensible chatbot’ that we deployed enables us to resolve client queries quickly and effectively, which presents a good client revel in addressing questions rapidly and accurately. As one of the first users of RPA inside the home loan segment, we’ve witnessed a large increase in operational efficiency. We have automated banking tasks using sensible software robots so that customers can get hold of reports and updates as quickly as possible instead of anticipating hours.

Q: Can you throw extra mild on the integration challenges around AI technologies? How did you prepare the legacy environment for the brand-new generation? Shah: There have been some challenges to overcome before we may want to successfully enforce AI-primarily based solutions. One of the foremost demanding situations was to make some changes in the middle business applications so that the combination with the new generation might be smooth. The integration challenges have been generally because of outside elements. We carried out our expertise and area know-how to handle it. We are in the steady process of looking for a better generation that may bring about RoI, so legacy systems are not a lot of a hassle for us.

Q: Typically, a new technology may replace several vintage packages or infrastructure, which is a large cost issue. How was this addressed? Shah: We systematically assess any new era with a 360-degree method and have a dedicated technology research team that explicitly works on identifying new technology. The transition journey from old to new may be very systematic, and we carefully make certain appropriate RoI in such transitions.

Q: What are the ROIs on automation/AI technologies that are perceived to be pricey? Shah: As mentioned, we have an era research team that carefully evaluates the era of its RoI and its longevity. The area of interest technologies are decided on primarily based on a couple of criteria, and the price is not the most effective aspect aligned with it.