AI-based tool saves team members approximately
60,000 total hours annually
DETROIT, April 23,
2024 /PRNewswire/ -- Rocket Mortgage, America's
largest retail mortgage lender and part of Rocket Companies (NYSE:
RKT), today unveiled its latest technology innovation: Rocket Logic
– Synopsis. This new tool leverages generative AI to listen to,
transcribe and search client calls, analyze sentiment and record
client patterns and preferences, creating bespoke experiences for
the company's millions of current and potential clients. Rocket
Logic – Synopsis represents the next building block in the Rocket
Logic ecosystem, the company's proprietary and patented AI-driven
technology platform aimed to streamline the homeownership
process.
"Rocket Logic unlocked the transformative power of AI to begin
streamlining and modernizing the homebuying process. Now, with
Rocket Logic – Synopsis, we have harnessed generative AI to create
a tool that both anticipates and solves clients' needs, effectively
changing the future of homeownership," explained Varun Krishna, CEO of Rocket Companies and
Rocket Mortgage. "Each year, our teams participate in 65 million
calls with our clients, and Rocket Logic – Synopsis is woven into
each interaction. The importance and promise of AI is shining
through, allowing our team members to focus on building deep
relationships with clients while the technology handles the mundane
tasks."
Built on Amazon Web Services (AWS) and using Amazon Bedrock, the
Rocket Logic – Synopsis technology is active for calls handled by
Rocket's client experience teams, including loans from mortgage
brokers who work with Rocket Pro TPO. The tool is also used by the
company's servicing team, who oversee Rocket Mortgage's 2.5 million
serviced loans.
In 2023, Rocket Mortgage's servicing team facilitated 3.1
million client phone calls, with the majority of inquiries related
to payments and escrow. To offer clients the best experience,
Rocket's servicing calls and chats are increasingly powered by AI,
resulting in approximately 70% of the interactions being fully
self-serve without the need for team member intervention. Rocket
Logic – Synopsis will save the servicing team nearly 40,000 hours
annually by employing transcription capabilities and tracking
client sentiment. With this generative AI solution, running on AWS,
Rocket's team members can concentrate on cultivating strong,
meaningful client relationships, while AI manages routine tasks
like call summaries.
"Technology innovation is all about taking on the
undifferentiated heavy lifting, enabling businesses to focus on
problem-solving and enhancing customer experiences," said
Werner Vogels, Chief Technology
Officer at Amazon. "It's inspiring to see how Rocket Companies is
optimizing its powerful data platform on AWS and utilizing Amazon
Bedrock to develop innovative generative AI solutions like Rocket
Logic – Synopsis. This approach reallocates routine tasks to AI
systems, empowering teams to devise tailored, impactful solutions
that simplify the historically complex homeownership journey."
As Rocket Logic – Synopsis continues to develop, it will
leverage the vast amount of data gathered from Rocket's call
transcripts to enhance its predictive capabilities. This will
enable the tool to proactively offer solutions for clients before
they even call Rocket. This technology has already led to a nearly
10% increase in resolutions reached during a client's first call to
Rocket, which on an annual basis, saves approximately 20,000 team
member hours.
In the future, Rocket Logic – Synopsis will help Rocket team
members understand homeowners' preferences and communication
habits. Whether a homeowner prefers email communications instead of
phone calls, the ever-evolving technology will take note of these
patterns. For example, if a client mentions during a call with
Rocket that they work an overnight shift at a local manufacturing
plant, the tool's automatic transcription feature captures this
information. The next time a Rocket team member needs to reach that
client by phone, Rocket Logic – Synopsis will flag a recommendation
to avoid calling the client in the morning, as they are likely
sleeping.
Rocket Logic – Synopsis is one of the many tools in the Rocket
Logic platform that the company plans to launch as part of their
ongoing mission to integrate AI-powered homeownership into the
client experience. Currently, Rocket Logic – Synopsis is being
rolled out to bankers, further enhancing the homeownership
journey.
Forward Looking Statements
Some of the statements contained in this document are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are generally identified by the use of words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and, in each case, their negative or
other various or comparable terminology. These forward-looking
statements reflect our views with respect to future events as of
the date of this document and are based on our management's current
expectations, estimates, forecasts, projections, assumptions,
beliefs and information. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. All such forward-looking statements are
subject to risks and uncertainties, many of which are outside of
our control, and could cause future events or results to be
materially different from those stated or implied in this document.
It is not possible to predict or identify all such risks. These
risks include, but are not limited to, the risk factors that are
described under the section titled "Risk Factors" in our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and other filings with the Securities and
Exchange Commission ("SEC"). These factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this document and in our
SEC filings. We expressly disclaim any obligation to publicly
update or review any forward-looking statements, whether as a
result of new information, future developments or otherwise, except
as required by applicable law.
About Rocket Mortgage
Detroit-based Rocket Mortgage
is the largest retail mortgage lender, closing more mortgage volume
than any other lender in 2022, and is a part of Rocket Companies
(NYSE: RKT).
The lender enables the American Dream of homeownership and
financial freedom through its obsession with an industry-leading,
digital-driven client experience. In late 2015, it introduced the
first fully digital, completely online mortgage experience. Since
its founding in 1985, Rocket Mortgage has closed more than
$1.6 trillion of mortgage volume
across all 50 states.
Rocket Mortgage is ranked highest in the country for client
satisfaction in mortgage origination and servicing by J.D. Power.
Rocket Companies, Rocket Mortgage's parent company, ranked #11 on
Fortune's list of the "100 Best Companies to Work For" in 2022 and
has placed in the top third of the list for 21 consecutive
years.
About Rocket Companies
Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform company
consisting of personal finance and consumer technology brands
including Rocket Mortgage, Rocket Homes, Amrock, Rocket Money,
Rocket Loans, Rocket Mortgage Canada, Lendesk and Core Digital
Media.
Rocket Companies' mission is to be the best at creating
certainty in life's most complex moments so its clients can pursue
their financial dreams. The Company helps clients achieve the goal
of home ownership and financial freedom through industry-leading
client experiences powered by its simple, fast and trusted digital
solutions. J.D. Power has ranked Rocket Mortgage, part of Rocket
Companies, #1 in client satisfaction for both primary mortgage
origination and servicing 21 times – the most of any mortgage
lender.
For more information and company news
visit RocketCompanies.com/PressRoom.
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SOURCE Rocket Companies
