Magicbricks scales up its AI-Powered ‘Bank Recommendation Engine' to identify best Home Loan partners
Identifies best home loan partner from a comprehensive pool of 40 financial institutions
Demonstrates remarkable accuracy of 90%
Hyderabad, June 13, 2023: Magicbricks, the leading online real estate platform in India, is thrilled to unveil its revolutionary AI-powered Bank Recommendation Engine (RBE), a cutting-edge tool designed to assist customers in realizing their dream of owning a home by identifying the best home loan partners.
Leveraging the potential of advanced AI technology, the Bank Recommendation Engine scans and evaluates home loan products and offerings from over 40 renowned financial institutions. This comprehensive analysis enables the tool to recommend the ideal home loan partner for prospective home-buyers. Over the past year, the tool has successfully assisted thousands of customers, showcasing an impressive accuracy rate of 90%.
The Right Bank Recommendation Engine utilizes the power of AI to match each customer's unique profile with the offerings of Magicbricks' extensive network of home loan partners. By intelligently analyzing various parameters such as customer preferences, financial history, and loan requirements, the tool precisely identifies the most suitable home loan partnership for every individual.
Talking about the Tool, Nimesh Bhandari, Category Head- Home Loans, Magicbricks shared “According to Magicbricks PropIndex Report (January -March 2023), the residential demand across 13 cities has experienced a growth of 14.3% YoY and is expected to continue increasing. With over 80% of homes being financed through home-loans, customers face the daunting task of sifting through numerous loan products available. Recognizing these challenges, Magicbricks has developed its proprietary Bank Recommendation Engine, which streamlines the selection process and provides personalized recommendations with exceptional accuracy to customers.”
Nimesh further added “Our Bank Recommendation Engine boasts of an impressive accuracy score of 90%, ensuring that Magicbricks' recommendations and processes are not only accurate but also efficient and scalable. Currently, our Home Loan advisors extensively utilize this tool to assist customers on their home-buying journey. As the tool continues to evolve and advance, we aim to empower customers by making it a user-friendly DIY tool.”
With this groundbreaking innovation, Magicbricks reaffirms its position as the industry leader and the sole portal to achieve this remarkable milestone, delivering an unparalleled customer experience.
About Magicbricks: India's no 1 property site
As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full stack service provider for all real estate needs, with 15 services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice.
With 15 years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more.