AI

How Conversational AI Is Transforming CX & Lead Capture in Financial Services

5 mins read
May 30, 2024
By
Mike Waterston

Meeting consumers where they are is becoming more critical, as is being ready to provide personalized, responsive service at the moments that matter. But one big challenge is that a human isn’t always available when a consumer reaches out to a financial services organization.  

Consumers often manage their financial needs in the evenings after they’re done with their own work. For example, roughly 50% of mortgage leads come in outside operating hours. The other issue is unpredictable volume: staff might be busy helping other customers and unable to take a new inquiry.  

But consumers often aren’t willing to wait. They judge the lack of prompt response as poor service and take their business elsewhere. Or, just as likely, they’re shopping around—and will go with the first business to respond to their needs.

This is where conversational AI tools have transformed the CX world. Forrester says 7 in 10 companies have invested in offering an AI chatbot—up from just 15% in 2018. Yet there’s a disconnect in terms of what consumers want from conversational AI—and what many of these AI tools actually deliver: Research shows consumers increasingly prefer AI chatbots to other digital channels of communication. However, half of consumers say their conversational AI experiences end in frustration.

Verse, a Total Expert Marketplace partner, is one innovative tech vendor pushing conversational AI ahead of consumer expectations. How? By bringing in the critical element of human expertise to complement the incredible capabilities of state-of-the-art AI. We sat down with Damien Swendsen, SVP of Revenue at Verse, to talk about how financial services organizations should be thinking about how conversational AI can directly solve some of their biggest pain points and drive measurable outcomes that align with some of their biggest strategic objectives.

When it comes to engaging and nurturing leads, what key challenges does Verse’s conversational AI solution solve?  

We believe that Verse represents the future of engaging and nurturing leads. It solves challenges with staffing, budget, and time—three big ones, I would say, for any company. Our platform solves for human time as well as human error with immediate lead response—at any time—plus, automated lead follow-up. So, your leads don’t have to wait for a response, no matter the time of day—and no lead is ever left behind. While a salesperson might give up after one or two calls, our AI nurtures leads for up to six months.

Verse ensures salespeople aren’t wasting their time. Our platform does the work that salespeople don’t want to do—engaging every lead, following up, and qualifying those leads. We hand your salespeople warm leads that want to talk.

This is important stuff. According to a lead response management study, data shows that leads are 21x more likely to convert if they are contacted within five minutes of filling out a form. Even after just an hour, the likelihood of successfully contacting a lead drops by 10x. People just aren’t willing to wait: We also know that 50% of leads will choose the organization that contacts them first. So, Verse enables companies not only to save time and money but win more deals and generate more revenue.

We also continue to nurture leads that aren’t ready to buy. Studies also show that nurtured leads make purchases 47% larger than non-nurtured leads.

Do any specific shifts in the market create new challenges for conversational AI?  

We all know about the regulations around calling or spamming people and how there are laws to curtail those practices. Now, we’re seeing both the government and private companies like Google and Yahoo increase communication regulations.  

In February, they started enforcing new rules around emailing customers who use their email accounts. Thresholds of 0.3% for spam rates, authentication barriers, and easy opt-outs are forcing senders to be more diligent around their communication, and those same companies are now looking for other compliant ways to engage with their prospects and customers. Many are looking to the most effective form of communication today—texting—as a possible solution.

Verse provides a solution that capitalizes on the power of texting and solves the compliance problem. Our expert team handles compliance for our customers, allowing them to communicate with customers according to their preferences without worry.

Why are Total Expert and Verse partnering?  

First, we wanted to partner with an industry leader who knows and understands the nuances and intricacies of our customers’ challenges. It’s hard to find a partner who simply “gets it” from the start.

Our solutions are so perfectly complementary. The Total Expert platform helps companies manage customer engagement holistically, and the Verse solution brings together a whole new way of engagement, which is a turnkey, AI + human texting solution. Integrating Verse into the Total Expert platform will carry engagement even further than we could separately.

What differentiates the Verse solution from others in the market? Where do the do-it-yourself SMS setups fall short? What are the implications for the organization?  

One of Verse’s biggest differentiators is the compliance suite. Texting is the number one channel for customer communication, preferred by 90% of customers. But businesses don’t do it. Why? Because of compliance. It’s too complicated to solve for yourself.

The stakes are high: non-compliance can lead to lawsuits in the tens of millions of dollars, not to mention the trust lost with customers.

Verse puts our expert compliance team on your side. We ensure and enable compliance for all of our customers, conducting manual reviews and audits, setting up your A2P registration, obtaining your Trust Score from TCR, and ensuring you have caller ID so your calls never show up as spam.  

In addition, we monitor your deliverability and opt-out rates. Many companies struggle to see their deliverability rates, but we can, and we’ll let you know. Our end goal is to enable customer success, so we guide our customers—not just on how to be compliant but also on how to be effective.

How does the Verse integration solve for common gaps seen with other solutions like DIY setups?

The Verse platform is a fully managed solution. We handle the integration for you. That’s very different than most other solutions, which may not be fully managed and can take months upon months to integrate properly. Our team ensures that integration is easy, quick, and compliant.  

Again, compliance is very risky to tackle yourself with a DIY setup. I’ll tell you right now: There are more bases to cover with compliance than you think. With Verse, compliance is built in and monitored by experts.

Lastly, we integrate with Total Expert, so you can see Verse’s full reporting and real-time analytics right from your CRM.

What success stories can you share around ROI—and how Verse helps with risk mitigation and operational inefficiencies?  

The average Verse customer sees a 16x ROI. As for a recent customer story, we helped Acra Lending boost their response rates by 133% with 24/7 lead coverage and instant text engagement.

One of the main operational inefficiencies that our platform combats is saving time for salespeople. Human capital is a valuable resource, but sales teams often spend too much time chasing unqualified leads. Verse solves that problem by qualifying leads for sales. Plus, we take action quickly. When there aren’t enough salespeople to contact leads quickly, our AI is there to respond immediately. This has limitless potential for ROI.

Verse’s compliance suite is a game-changer in terms of risk mitigation. Companies that don’t know what they’re doing with compliance are risking millions of dollars and consumer trust. Those are risks you don’t want to take.

How do I learn more about Verse and their partnership with Total Expert?

You can learn more about the Verse integration here.

And you can explore the full range of best-in-class vendor partners in the Total Expert Marketplace.

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That shift isn’t incremental. In this new, AI-enabled age, lenders have a real opportunity to do more than simply iterate on processes that have been in place for decades—they can reimagine the entire engine that’s powering their businesses. AI assistants can text, call, schedule meetings, and share information with tens of thousands of borrowers at once. Pair that scalability with the contextual data Total Expert already holds, and your outreach becomes hyper personal, always relevant, and perfectly synchronized with your customer’s financial journey.

For loan officers, that means less time clicking through screens and more time building relationships and educating consumers. This shift isn’t about automating away the work; it’s about elevating your teams’ ability to execute on every possible opportunity.

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Why "Faster" Isn't the Goal: Joe Welu on Building Customer-for-Life Lenders with AI

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Most lenders approach AI the way they've approached every technology upgrade for the last two decades: find the part of the process that's slow and make it faster. Total Expert Founder and CEO Joe Welu says that mindset, while understandable, is holding the industry back from the outcomes AI actually makes possible.

In a recent conversation with HousingWire, Joe unpacked the mindset shift he's been sharing with lenders all year: stop optimizing the old process and start reimagining it from a blank canvas.

The problem with doing the same thing “faster"

For years, lending organizations have measured technology's value by a simple test: did it get people to log in and complete a task? New dashboards, new buttons, and new workflows all designed to change human behavior just enough to extract a little more efficiency from the same process.

The catch, Welu explains, is that this approach caps out at the limits of human behavior itself. A loan officer forgets to follow up. A call center rep runs out of time in the day. A relationship goes quiet not because anyone did anything wrong, but because relying on people to be perfect and predictable was never a sustainable strategy to begin with.

What breaks when the old ceiling stays in place

Joe used an analogy at the 2026 HousingWire AI Summit to capture the stakes: a farmer who just got a bigger, faster horse looks to the neighbor’s field and watches them ride by on a tractor. Incremental improvements, like faster horses, were the best option for decades. That's not the case anymore.

The risk isn't hypothetical. We still see lenders asking AI to slightly improve an existing workflow, rather than asking what their workflow should look like with AI built in from the start. And the lenders who are still chasing incremental improvements will find themselves outpaced by competitors who were willing to embrace a new mindset, a new strategy, and new era.  

Joe also highlighted that speed and speed alone will not set you apart. Context will be the critical differentiator in an AI-enabled world. Being the first one to engage a borrower is great, but only if you actually have something to talk about. Historically, a legacy database only knew what a person remembered to type into it. If that information wasn't captured, the system, and the loan officer, wouldn't be able to use it for the next conversation.

Context is king, and the mindset shift that gets you there

This is where Joe took the conversation from diagnosis to direction. Total Expert's Customer IQ continuously aggregates zero-, first-, and third-party data to create a complete financial profile and interaction history for every customer. This provides lending teams with the context they need at the exact moment it matters, whether that's to a loan officer having a conversation or an AI agent handling a task automatically.  

To put things in a perspective that everyone can understand, Joe drew a comparison to how streaming platforms already personalize recommendations based on what the user has watched or listened to previously—i.e., context. When that context is missing, it's obvious and often frustrating. He argues borrowers feel that same disconnect when their lender's outreach doesn't reflect where they actually are in their financial journey.

This level of change doesn't happen without friction. There will be individuals, teams, and even entire organizations that resist this shift. But leaders have to be clear-eyed about the realities of how our industry is evolving and, more importantly, how consumer expectations are driving that evolution.  

The reframe Joe’s pushing lenders toward is to stop measuring success by tasks completed, and start measuring it by the lifetime value of the customer relationship. He calls this “turning relationships into appreciating assets," where organizations never lose a customer and continually find new ways to add value to that relationship over time, rather than treating every interaction as a standalone transaction.

The takeaway

AI doesn't create value on its own. It creates value when it's grounded in real customer context, embedded in the actual workflow, and pointed at a bigger goal than getting a task done faster. For lenders willing to rethink the engine itself, Welu says the payoff isn't incremental. It's the same seismic shift that farmers experienced when they realized that even the slowest tractor was more efficient than the fastest horse.

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The best leads aren't always new leads. In fact, they're hiding in the database every loan officer already has, waiting to be noticed.

That's the insight USA Mortgage discovered when they partnered with Total Expert to transform how their originators identify, nurture, and convert past customers into new opportunities. The result? ~$60 million in funded loan volume in just six months, plus another $175 million in pipeline.

But here's what's really interesting: the technology wasn't the bottleneck. It was the process.

The problem: leads disappearing in the middle

Walk into any mortgage lender, and you'll find the same story. Loan officers are smart, they work hard, and they have plenty of leads coming in from multiple sources: referral partners, purchased leads from Zillow and LendingTree, and their own past customers.

But somewhere between the lead arrival and the follow-up, opportunities vanish.

USA Mortgage's VP of Sales and Customer Experience, Alec Picinich, described the friction this way:

"We had strong loan officers and plenty of lead activity, but the handoff was the issue. There was no uniform system in place. Most producers had their own system—reminder-based inbox notifications, spreadsheets, personal call lists. The lack of centralization was the biggest issue. The gap was in the middle, where the opportunities kind of just disappeared."

All those disconnected systems led to inconsistent follow-up and limited visibility into what was working and what wasn't. And with no way to nurture borrowers who weren't quite ready today but might be ready next month, those opportunities got buried deeper and deeper under waves of new leads.

The result was predictable: lost deals, confused teams, and a corporate support function with limited ways to help scale best practices across the organization.

The Solution: one source of truth

Rather than layering on more tools, USA Mortgage decided to consolidate. They brought all their leads from referral partners, purchased sources, and past customers into a single unified platform: Total Expert's Lead Management.

But consolidation was just the first step toward preventing leads from slipping through the cracks. The real shift came when they connected three capabilities:

1. Customer IQ: identifying opportunities in your existing database

Most loan officers don't excel at proactively reaching out to past customers. They're focused on today's purchase business, and without a system to surface opportunities, past borrowers fade into the background.

Customer IQ changes that. It's a contextual data system that continuously monitors and enriches every contact record in your database. When a borrower experiences a life or market event that creates an opportunity such as a rate drop (refinance window), a credit inquiry from another lender, a debt threshold crossed, a marriage or divorce, Customer IQ spots it and brings it to your team’s attention.

At USA Mortgage, this meant monitoring 190,000 customers and turning insights into action. In just six months (January–June 2024), those customers generated:

  • ~$60 million in funded volume
  • $175 million in application pipeline (with expected 80% funding conversion)

That's an opportunity that was already sitting there; it just needed to be seen.

2. Lead Management: centralized workflow and accountability

With Customer IQ surfacing opportunities, USA Mortgage needed a system where loan officers could manage those leads the same way they manage purchased or referral partner leads.

Lead Management provided:

  • A single source of truth for all leads (past customers, referral partners, purchased leads)
  • Clear visibility into lead stage and action items
  • Consistent routing based on originator or branch
  • Automated nurture campaigns for borrowers who weren't ready yet
  • Compliance controls to ensure messaging is consistent and compliant

Suddenly, loan officers could answer three simple questions about every opportunity: Who is the lead? What do they need? Why is the opportunity present right now?

That context—that "why"—changes everything. It's the difference between a cold check-in call and a conversation-ready outreach.

3. AI Sales Assistant: outreach on demand & at scale

Even with a unified system and better intelligence, loan officers still can't personally call every past customer when the market shifts. If rates drop and 1,000 borrowers become in-the-money for a refi, even the most efficient lending teams can't operationalize that in the two or three weeks when the market window is open.

Enter AI Sales Assistant, a human-like voice AI that’s powered by Customer IQ’s contextual data and trained on real-world mortgage conversations so it can answer questions, navigate borrower objections, and qualify opportunities.

AI Sales Assistant acts as an extension of lending teams by:

  • Initiating outreach to all qualified past customers (potentially in a single day)
  • Personalizing the conversation based on the borrower's situation, previous transaction, and estimated savings
  • Handling objections gracefully (Alec shared the story of a borrower who said "I'm feeling sick, not a good time.” AI Sales Assistant responded with empathy and offered to schedule with the loan officer later, which the borrower accepted)
  • Offering warm transfers to the loan officer for borrowers ready to talk
  • Scheduling meetings on the originator's calendar for qualified leads

This allows loan officers to focus their time on high-quality conversations with informed borrowers, not figuring out who to call or manually working through a database.

Real-world execution

One of USA Mortgage's senior regional VPs shared a success story that perfectly captures the shift:

An experienced loan officer received a credit inquiry alert for a past customer; someone she hadn't worked with in years. The borrower had lost the loan officer’s contact information. But thanks to the alert surfaced by Customer IQ, the loan officer reached out with context and relevance.

The result? A $400K pipeline boost with minimal effort from the loan officer.

This doesn't happen with a generic check-in call. It happens when the loan officer knows why they're calling and has the data to back it up so the outreach feels timely instead of transactional.

The bigger picture: human + AI operating model

What USA Mortgage discovered is that the future isn't human or AI. It's human + AI.

The loan officer remains the relationship owner and builder, the decision-maker, the one who earns trust. But now, they're equipped with:

  • Intelligence about who to engage and why
  • Automation handling the high-volume, time-sensitive outreach
  • Consistency across the entire organization
  • Tools that make their job easier, not harder

Three takeaways

If you're struggling with lead follow-up, originators working in silos, or deals slipping out the back door, here's what to focus on:

1. Strong lead management isn't just about speed—it's about long-term nurturing
Speed matters for converting hot leads, but most conversions happen in the follow-up. Build a nurturing strategy that keeps borrowers engaged from first touch through the next opportunity to serve.

2. Your database is your biggest opportunity; operationalize it like a referral partner lead

‍If you're not connecting data intelligence with lead management, you're leaving deals on the table. Treat past-customer insights with the same urgency and structure as a purchased lead or referral partner referral.

3. Build an enterprise strategy with human + AI models

‍Replace ad-hoc originator habits (spreadsheets, personal reminders, disconnected systems) with a unified, AI-assisted operating model. Consistency across your sales force is what unlocks scale.

Watch the full conversation

Hear how USA Mortgage is using Total Expert to solve their lead management challenges, develop a better understanding of their customers, and engage opportunities at scale.

Ready to explore how a human + AI operating model could transform your originator productivity and customer conversions?

Reach out to your Total Expert Customer Success Manager or book a demo with our team below!

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