#27 - Vishal Garg, Founder & CEO at Better.com
Slice of Technology Team
12/03/2024
Join us on this week's episode of the Slice of Technology AI podcast, hosted by Jared S. Taylor! Our Guest: Vishal Garg, Founder & CEO at Better.com
What you’ll get out of this episode:
- AI-Powered Innovations in Mortgages: Introduction of "Betsy," the first AI voice agent in the U.S. mortgage industry, streamlining loan applications and customer service.
- Tinman Platform Success: Automating the mortgage process with data-driven insights, reducing commitment time to under one day.
- Efficiency and Productivity Gains: Better's loan officers process loans at nearly five times the industry average.
- Tackling Industry Challenges: Overcoming latency issues and regulatory complexities with AI-driven solutions.
- Future of AI in Mortgages: Expanding Betsy's capabilities to offer tailored mortgage options and further automation.
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Transforming Mortgages Through AI
Vishal Garg, Founder and CEO of Better.com, is on a mission to make homeownership more accessible and affordable. Since its launch in 2016, Better.com has funded over $100 billion in mortgages. Central to this transformation is leveraging AI to reduce costs, improve accessibility, and create a seamless customer experience.
A flagship innovation is Betsy, an AI voice agent designed to assist consumers with every step of the mortgage process. From handling customer queries to expediting loan applications, Betsy operates around the clock, addressing the "availability gap" often seen in traditional mortgage services. Betsy not only improves user convenience but also aims to democratize mortgage access.
From Tinman to Betsy: A Data-Driven Revolution
Better.com's journey into AI began with Tinman, a robust rules engine developed with the help of experts like Eric Bernhartsen, who previously created Spotify's recommendation engine. Tinman combines consumer and property data, automating mortgage matching with investors nationwide. This innovative system has reduced the average mortgage commitment time from 45 days to under one day, with 82% of Better.com's loans being completed within eight hours.
Betsy builds upon this foundation. Trained on millions of customer interactions, Betsy can emulate natural human conversation while maintaining compliance with complex regulations. This ensures a high-quality, empathetic experience for customers.
Challenges and Future Growth
Developing Betsy came with hurdles. From reducing latency to below one second to adhering to strict mortgage regulations, the journey demanded innovative solutions. Vishal emphasizes the importance of tailoring AI to consumer needs, especially in a regulated industry like mortgages.
Looking ahead, Better.com envisions a more interactive Betsy, capable of real-time mortgage comparisons, personalized advice based on customer goals, and even more advanced automation.
The Bigger Picture: AI’s Role in Business Transformation
Garg is excited about the potential of AI beyond mortgages. At the upcoming HumanX event, he aims to explore how other industries are leveraging AI to create business value. Whether through AI avatars or process automation, the possibilities are vast and transformative.
This episode highlights Vishal Garg’s commitment to innovation, making Better.com a leader in revolutionizing the mortgage industry through AI. For homeowners, it signifies a future of faster, easier, and more affordable processes, redefining what’s possible in homeownership.
