SmartQueues - AI-Powered Loan Prioritization

Project Overview

SmartQueues is an AI-driven feature within the Rebel platform that I helped design. It sorts loan applications based on their probability of funding, enabling Relationship Managers to prioritize their efforts effectively. This case study details the design process, my contributions, and the impact of SmartQueues.

The Challenge: Inefficient Loan Prioritization

Relationship Managers at Capital One Auto Finance faced a significant challenge in managing their workload. They had time to proactively contact only a small fraction of incoming loan applications, and lacked a data-driven approach to prioritize their outreach. This resulted in:

• Limited Contact Rate: RMs could only call about 8% of loan applications.
• Inconsistent Strategies: RMs used varying, often subjective, methods to determine which applications to pursue.
• Low Funding Rate: Only 23% of deals worked on by RMs were eventually funded.
• Missed Opportunities: Many potentially profitable loans were not being pursued.

The Solution: SmartQueues

To address these challenges, we developed SmartQueues, an AI-powered system that analyzes loan applications and predicts their likelihood of funding. This enables RMs to focus on the most promising opportunities, improving efficiency and increasing revenue.

My Role in the Design Process

I played a key role in the design and implementation of SmartQueues, collaborating with a cross-functional team of 10 people. My contributions included:

• User Research: I conducted empathy research with 7 Relationship Managers to understand their workflows, pain points, and decision-making processes.
• Data Collaboration: I worked closely with data analysts to synthesize research insights and understand the capabilities of the AI model.
• Design Implementation: I translated the AI model's output into a user-friendly interface within Rebel, including:
  • SmartQueues Toggle: A switch to enable/disable SmartQueues.
  • Probability Indicator: A visual representation of the funding probability for each application.
  • Deal Linking: Ability to link related deals.
• User-Centered Design: I ensured that the design was intuitive, efficient, and aligned with the needs of Relationship Managers.

Key Features and Functionality

SmartQueues provides Relationship Managers with the following key features:

• AI-Powered Prioritization: Applications are automatically sorted based on their predicted probability of funding.
• Clear Visual Indicators: RMs can quickly see the funding probability for each application, allowing them to prioritize their outreach.
• Streamlined Workflow: SmartQueues integrates seamlessly into the Rebel platform, minimizing disruption to the RMs' existing workflow.
• Actionable Insights: Provides RMs with data-driven insights to inform their decisions.

Results and Impact

SmartQueues delivered significant results for Capital One Auto Finance:

• $19M Additional Annual NPV: By focusing on high-probability deals, SmartQueues increased revenue substantially.
• 60% More Calls: RMs were able to contact a significantly higher number of potential customers.
• 25% More Likely to Win a Deal: The efficiency of RMs increased, leading to a higher success rate in closing deals.
• COE Award: SmartQueues received a Capital One Excellence Award, recognizing its significant contribution to the business.

User Feedback and Testimonials

Relationship Managers have expressed high satisfaction with SmartQueues, citing its ease of use and effectiveness in helping them prioritize their work. Specific feedback includes:

• "SmartQueues has completely changed the way I work. I can now focus on the deals that are most likely to fund, which saves me a lot of time and effort."
• "The probability indicator is incredibly helpful. It gives me the confidence to pursue deals that I know have a good chance of closing."
• "Deal Linking has been a game changer"

Lessons Learned

The SmartQueues project provided several valuable lessons:

• The Power of AI in Design: AI can be a powerful tool for enhancing user experience and driving business results.
• Importance of Collaboration: Close collaboration between designers, data scientists, and business stakeholders is essential for success.
• User-Centered Focus: A deep understanding of user needs and workflows is critical for designing effective solutions.
• Iterative Design: Continuous testing and iteration are necessary to optimize the design and ensure it meets user needs.

Conclusion

SmartQueues is a prime example of how user-centered design, combined with the power of AI, can transform a business process and deliver significant results. By empowering Relationship Managers to prioritize their efforts effectively, SmartQueues not only improved their efficiency but also drove substantial revenue growth for Capital One Auto Finance.