Quion is one of the largest mortgage servicers in the Netherlands – a fact which becomes clear when one looks at the numbers. Daily, Quion services 400.000 households and manages €65 billion in loans. This means that, on average, each employee manages 900 households and €145 million in managed loans. As impressive as this is already, Quion is making yet another leap in efficiency, thereby bolstering its strategic position in the market.
Managing such a vast amount of mortgage files has implications for the back office. Servicing 400.000 households means that Quion’s customer service employees need to navigate 55 million documents – or 350 million pages of information – each day. Efficiently accessing the contents of these documents unsurprisingly poses challenges. That’s why, last year, Quion decided to unlock the full value of its digital archive by turning it into searchable, organized and structured text. An archive that’s easily and quickly accessible increases the value of the documents within many times over. By doing this, Quion changed its static document archive into an active source of data and information with which it can help customers better, more quickly and more efficiently.
A key foundation of such a strategic choice is Quion’s aim to maintain control over the customer data it manages on behalf of its own customers. This forms the basis of a data proposition that lets Quion serve its customers – various well-known lenders – better. A recent Hyarchis research report shows that only 15% of financial institutions have control of this data, at least to the level they deem sufficient. While this limits how much value archives containing data like this provide, it also makes more difficult the challenges of legislation compliance and quality assurance. Quion therefore chose Hyarchis Search-It not only to unlock the value of its digital archive but also to establish a higher level of data-driven operation.
Amresh Raghoenath, Manager Operations at Quion, points out that this is where the collaboration with Hyarchis began. “Hyarchis Search-It has helped us to create a fully text-searchable archive which serves as a launchpad to automate a wide range of business processes. Having unlimited access to the full contents of our digital archive allows us to search through all relevant customer data, classify documents upon reception and assign incoming communication to the correct workflow. Likewise, Search-It will allow us to take our quality assurance efforts from spot checking 20% of our archive to spot checking 100% of it”.
Adriaan Hoogduijn, Chief Operating Officer of Hyarchis, states: “Quion is unique in the mortgage domain given its holistic approach to the capabilities of artificial intelligence. Rather than adding artificial intelligence to its strategy, it is placing it at the helm of its efficiency and growth goals. Quion is not just aiming to optimize an isolated business function but will deploy AI and enjoy a full range of benefits across the front- middle- and back office”.
A recent research report about financial service providers demonstrates that the use of artificial intelligence will multiply three-fold. At present, we are in the middle of an AI race. Quion’s choice to integrate Search-It gives it a head start in the mortgage domain and indeed, the AI race.