Leading AI innovation in the financial services market

Customers of mortgage financer Fanny Mae no longer navigate search results and frequently changing, complex guides to get the answers they want. Since launch, its Genesys AI-powered platform has received more than 1.5 million queries, with over 90% of questions handled through self-service.

90% self-service

of more than 1.5 million queries

4.5/5

customer satisfaction score

Real-time data

provides key customer insights

What made Genesys DX rise to the top was that they offer the full package of being easy to use, easy to maintain and easy to implement.

Bill Cleary

Vice President, Policy

Fannie Mae

Fannie Mae is a leading source of mortgage financing for lenders in the US, providing access to affordable mortgage financing in all markets and in all economic cycles. To meet its mission of creating more affordable housing opportunities for buyers and renters across the nation, Fannie Mae has invested in innovative technologies and procedures to optimize the customer and lender experiences.

Challenge

As Fannie Mae sets the industry standard for the selling and servicing of mortgages, it is critical that the rules and regulations are easy to understand. However, these vast, numerous and sometimes complicated regulations are updated on a monthly basis.

“We heard from our customers that it was really difficult for them to find the answers they needed in order to do business with us,” said Bill Cleary, Vice President, Policy, Fannie Mae. “Our business guidelines are complex, updated frequently and can be up to 2,500 pages long. We knew we had to make it easier for our customers to get the answers they needed.”

The digital transformation process for Fannie Mae to provide greater agility to its service operation meant that it needed to review new technologies, including artificial intelligence (AI). The team wanted to work in the digital space to meet the needs of customers in applications they are working with every day. To do this, Fannie Mae needed a way to deliver information 24/7 in a simple, straightforward and understandable format.

Solution

Fannie Mae opted to design and implement an interactive experience powered by natural language processing (NLP) using the Genesys DX™ digital engagement solution.

Ask Poli and Pocket Poli are the innovative, interactive guide, search and navigation interfaces that allow servicers to ask questions, in their own words, about the more than 2,500 pages of policies and requirements to deliver loans. As a result, lenders and borrowers can understand, in plain language, what Fannie Mae requires, and it also captures the latest updates related to these rules.

“What made Genesys DX rise to the top was that they offer the full package of being easy to use, easy to maintain and easy to implement,” said Cleary. “And on top of that, Genesys DX brought to the table a breadth and depth of industry experience from across their client base. However, more than any other company, the Genesys DX team took the time to understand our problem.”

Genesys data processing and pattern-matching abilities help Fannie Mae to understand how customers search for information. It provides the team with key insight into the types of questions asked and the number of questions on a specific topic. It also allows the team to see, in real time, how the customer is posing their question so they can best match information to the requests.

Results

Since the launch of Ask Poli, the platform has received more than 1.5 million queries, with over 90% of questions handled through self-service.

“Genesys DX has played an integral role in the success of Ask Poli,” said Christine Kilmer, Ask Poli Product Manager at Fannie Mae. “It allows us to provide a great customer service experience and achieve a much higher customer satisfaction score. Working with Genesys DX to develop Ask Poli has helped us demonstrate to our customers how Fannie Mae is keeping up with technology advances to provide them with an enhanced level of service.”

“We’ve heard from customers who have been in the mortgage industry for years that this is the best tool they have ever used,” added Cleary.

At a glance

Customer: Fannie Mae

Industry: Financial services

Location: United States

Company size: 7,700 employees

Challenges

  • Deliver complex information 24/7
  • Enable customers to self-serve

Product

Genesys DX

Capabilities

Chat

Additional resources

Case study PDF

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