Rocket Companies Introduces Rocket Logic - Synopsis AI Tool to Analyze and Transcribe Calls, Personalizing Client Interactions

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Apr 23, 2024, 13:00 ET

AI-based tool saves team members approximately 60,000 total hours annually

DETROIT, April 23, 2024 /PRNewswire/ -- Rocket Mortgage, America's largest retail mortgage lender and part of Rocket Companies (NYSE: RKT), today unveiled its latest technology innovation: Rocket Logic – Synopsis. This new tool leverages generative AI to listen to, transcribe and search client calls, analyze sentiment and record client patterns and preferences, creating bespoke experiences for the company's millions of current and potential clients. Rocket Logic – Synopsis represents the next building block in the Rocket Logic ecosystem, the company's proprietary and patented AI-driven technology platform aimed to streamline the homeownership process.

"Rocket Logic unlocked the transformative power of AI to begin streamlining and modernizing the homebuying process. Now, with Rocket Logic – Synopsis, we have harnessed generative AI to create a tool that both anticipates and solves clients' needs, effectively changing the future of homeownership," explained Varun Krishna, CEO of Rocket Companies and Rocket Mortgage. "Each year, our teams participate in 65 million calls with our clients, and Rocket Logic – Synopsis is woven into each interaction. The importance and promise of AI is shining through, allowing our team members to focus on building deep relationships with clients while the technology handles the mundane tasks."

Built on Amazon Web Services (AWS) and using Amazon Bedrock, the Rocket Logic – Synopsis technology is active for calls handled by Rocket's client experience teams, including loans from mortgage brokers who work with Rocket Pro TPO. The tool is also used by the company's servicing team, who oversee Rocket Mortgage's 2.5 million serviced loans.

In 2023, Rocket Mortgage's servicing team facilitated 3.1 million client phone calls, with the majority of inquiries related to payments and escrow. To offer clients the best experience, Rocket's servicing calls and chats are increasingly powered by AI, resulting in approximately 70% of the interactions being fully self-serve without the need for team member intervention. Rocket Logic – Synopsis will save the servicing team nearly 40,000 hours annually by employing transcription capabilities and tracking client sentiment. With this generative AI solution, running on AWS, Rocket's team members can concentrate on cultivating strong, meaningful client relationships, while AI manages routine tasks like call summaries.

"Technology innovation is all about taking on the undifferentiated heavy lifting, enabling businesses to focus on problem-solving and enhancing customer experiences," said Werner Vogels, Chief Technology Officer at Amazon. "It's inspiring to see how Rocket Companies is optimizing its powerful data platform on AWS and utilizing Amazon Bedrock to develop innovative generative AI solutions like Rocket Logic – Synopsis. This approach reallocates routine tasks to AI systems, empowering teams to devise tailored, impactful solutions that simplify the historically complex homeownership journey."

As Rocket Logic – Synopsis continues to develop, it will leverage the vast amount of data gathered from Rocket's call transcripts to enhance its predictive capabilities. This will enable the tool to proactively offer solutions for clients before they even call Rocket. This technology has already led to a nearly 10% increase in resolutions reached during a client's first call to Rocket, which on an annual basis, saves approximately 20,000 team member hours.

In the future, Rocket Logic – Synopsis will help Rocket team members understand homeowners' preferences and communication habits. Whether a homeowner prefers email communications instead of phone calls, the ever-evolving technology will take note of these patterns. For example, if a client mentions during a call with Rocket that they work an overnight shift at a local manufacturing plant, the tool's automatic transcription feature captures this information. The next time a Rocket team member needs to reach that client by phone, Rocket Logic – Synopsis will flag a recommendation to avoid calling the client in the morning, as they are likely sleeping.

Rocket Logic – Synopsis is one of the many tools in the Rocket Logic platform that the company plans to launch as part of their ongoing mission to integrate AI-powered homeownership into the client experience. Currently, Rocket Logic – Synopsis is being rolled out to bankers, further enhancing the homeownership journey.

Forward Looking Statements

Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission ("SEC"). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

About Rocket Mortgage

Detroit-based Rocket Mortgage is the largest retail mortgage lender, closing more mortgage volume than any other lender in 2022, and is a part of Rocket Companies (NYSE: RKT).

The lender enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Since its founding in 1985, Rocket Mortgage has closed more than $1.6 trillion of mortgage volume across all 50 states.

Rocket Mortgage is ranked highest in the country for client satisfaction in mortgage origination and servicing by J.D. Power. Rocket Companies, Rocket Mortgage's parent company, ranked #11 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 21 consecutive years.

About Rocket Companies

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Money, Rocket Loans, Rocket Mortgage Canada, Lendesk and Core Digital Media.

Rocket Companies' mission is to be the best at creating certainty in life's most complex moments so its clients can pursue their financial dreams. The Company helps clients achieve the goal of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. J.D. Power has ranked Rocket Mortgage, part of Rocket Companies, #1 in client satisfaction for both primary mortgage origination and servicing 21 times – the most of any mortgage lender.

For more information and company news visit RocketCompanies.com/PressRoom.

SOURCE Rocket Companies