Case Study: Cenlar FSB Digitally Transforming Mortgage Journeys for Homeowners with Conversational AI



This video features Josh Reicher (Chief Digital Officer) and Shanth Ananthuni (Director of Digital Transformation) who share the story of Cenlar’s digital transformation journey with Conversational bots (mortgage AI chatbots) from 2020 through today.

“When we designed the initial bot experience, it was not a bot experience. It was a human experience.” Josh Reicher, Chief Digital Officer, Cenlar FSB

Chatbots were already in discussion as a key element of Cenlar’s digital strategy in 2020, but it was the pandemic and the passing of the CARES Act that accelerated the launch of their first bot. Knowing that homeowners under financial stress would be reaching out to find out what their options were under CARES, Cenlar partnered with ServisBOT to launch their Forbearance Bot.

Since then, Cenlar has launched several conversational AI bots in an effort to help meet homeowners on their terms and provide self-service options at various stages of the homeowner journey, like Borrower Bot, Registration Bot and Document Upload Bot. Cenlar’s bots are fully integrated with mortgage servicing software Black Knight Servicing Digital, offering a more seamless experience for homeowners

The star player in their bot army is the Borrower Bot. This bot has achieved top status by helping 85% of homeowners who interact with the bot resolve answers to common questions they have regarding their mortgage, saving tens of thousands of calls from reaching the call center each month. This bot facilitates self-service on CenNet™, the homeowner website, by automating requests, such as how to make a payment, set up autopay, access 1098 tax forms and conduct other common tasks. Homeowners can select from a menu of options or they can type in their specific questions. For more complex issues, the homeowner is offered the option to speak to a live chat agent, with conversational context passed along to the agent.

Moving forward Cenlar has plans to optimize bots using Generative AI (GPT-3/GPT-4), providing richer, deeper, self-service experiences for customers and more efficient, productive experiences for live chat and call center agents.

Watch this video to hear their compelling story. You can also read their story here.

Video produced by Perlow Productions

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