The financial services industry is undergoing a transformation, with AI playing a pivotal role in improving customer experience and operational efficiency. At Human[X], Better.com CEO Vishal Garg joined a panel featuring Kyle Nakatsuji, Co-founder & CEO at Clearcover, Colleen Stauffer, CMO at Honeybook, Deepak Shrivastava, Co-founder & CEO at Sunrise AI, Bhavesh Dayalji, Chief AI Officer at S&P Global, and panel moderator, Rob Pegoraro, to discuss how AI is reshaping financial services.
Across both his panel discussion and roundtable at Human[X], as well as his insights from Fintech Meetup, Garg provided a compelling look at how AI is driving tangible results in the mortgage sector.
AI is Fixing Frustrating Customer Experiences
One of the primary challenges in mortgage lending has historically been the complexity and inefficiency of the process. With licensed salespeople available only during certain hours, borrowers often had to repeat information multiple times, leading to frustration.
“What AI was able to do was fix one of the most frustrating experiences that you deal with when you apply for any financial services product, particularly a mortgage,” Garg explained. “The AI is able to take all of that data and synthesize it extremely quickly, take all the facts, take all the interactions that have taken place, and effectively be all-knowing and have full context.”
This level of automation has allowed Better.com to improve response times, eliminate redundancy, and ultimately drive higher conversion rates.
100x Better: The Vision for AI-Powered Mortgages
Better.com is the top AI mortgage lender and has long focused on streamlining homeownership, and AI has played a central role in that evolution. Garg shared that their goal has been to dramatically reduce the cost and time required for mortgage processing:
“Our goal was to take the $10,000 cost of making a loan, the eight weeks, and the hundreds of phone calls, and turn it into a beautiful seamless experience,” he said. “And eight years ago, we started doing that by building a rules engine that matched mortgage investors with consumers.”
Now, with the integration of AI-driven solutions like their AI assistant ‘Betsy,’ Better.com is on a mission to take the cost of making a mortgage down to one day and $100—making the process 100x better than traditional mortgage lending.
Source: Better
AI as a Growth Driver: Beyond Cost Savings
While many companies look at AI as a cost-cutting tool, Garg pointed out that its real value lies in improving customer satisfaction and boosting conversions.
“It’s not just an ROI, but we’ve actually seen conversion rates spike as a result of the consumers that are interacting with us through the AI,” he noted. “Rather than just ROI, which is sort of a cost savings, you’re actually improving conversion and improving customer delight. And that is the greatest ROI of all.”
By ensuring that AI can recognize the most common customer pain points and proactively address them, Better.com has not only streamlined operations but also built a more engaging and responsive customer journey.
Striking the Right Balance Between AI and Human Interaction
One of the key concerns with AI in financial services is the risk of making interactions feel impersonal or even intrusive. Garg addressed this challenge by explaining how Better.com designed Betsy to be intuitive and non-threatening.
“Our AI assistant, Betsy, says, ‘Well, I’ve quickly scanned your file, and I have full context. Are you calling about this?’” he explained. “And the consumer is mostly well aware enough, particularly if they’re dealing with a disruptive technology company that’s in the mortgage space, that they want their problem solved, really.”
Naming was also a consideration—one that led to the selection of ‘Betsy’ after an exploration of options like ‘Betty,’ which had existing associations.
The Future of AI in Homeownership
Garg’s insights at Human[X] and Fintech Meetup underscore the immense potential AI holds for the mortgage industry and financial services more broadly. With AI-powered platforms reducing inefficiencies, enhancing personalization, and driving customer satisfaction, the industry is poised for a major shift toward faster, more accessible, and seamless home financing.
For more insights from Vishal Garg, check out his recent broadcast appearance with the New York Stock Exchange and Forbes profile.
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