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Last Article Uploaded: Tuesday, September 17th, 8:32PM
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ASB turns to AI for data processing

Big four lender ASB has teamed up with two artificial intelligence companies to speed up data processing, a move it hopes will help with key products such as home loans.

Tuesday, April 30th 2019, 3:15PM

The lender has begun using technology from British company Blue Prism and US firm ABBYY on robotic process automation, to automate huge amounts of information into "structured and actionable" data. 

Advisers say ASB has been using a 'bot' to help process home loan applications more quickly in recent months. They say the bank has turned to new technology to help with the lodging of applications, in an effort to speed up the home loan process. 

It is understood the automation software will help the lender with filing and more basic data entry, rather than decision-making tools. ASB has begun using the software in recent months.

Blue Prism said its robotic automation automates data processing at "unprecedented speed", "as well as giving enterprises better analysis of content for better performance, document process transparency, and contributing to improved customer experiences". 

The software can automate and analyse images, documents, and texts. Blue Prism claims its technology increases productivity and decision-making abilities. 

Barry Coughlan, Head of Automation at ASB, said: "By working with ABBYY and Blue Prism, we’ve been able to drive new intelligent automation capabilities resulting in increased productivity, improved customer experiences and the delivery of new services."

“These new capabilities do more than improve operational efficiencies they give our workforce the agility to be more responsive to customer expectations," Coughlan added.

It remains to be seen whether the new development helps with the familar gripe of home loan turnaround times. According to TMM's Annual Survey, turnaround times remain the industry's biggest issue. About one in five respondents to our survey said turnaround times "keep me awake at night". 

 

 

Tags: artificial intelligence ASB

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 3.59 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 16 September 2019 10:03am

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