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Loan servicing really seems like a bounded enough problem that it should be solvable by a rules based expert system. Why is this shit so hard? Where's the unbou
by zaroth 9y ago
Loan servicing really seems like a bounded enough problem that it should be solvable by a rules based expert system. Why is this shit so hard? Where's the unbounded complexity over making payments and understanding what programs you are enrolled in or qualify for?
I'm not saying it's trivial but it's not like there 15,000 different programs that need to be individually coded using data that isn't available using rules that change daily. The problem seems hard but absolutely doable to automate 98% of the work.
- awakeasleep 9y agoA large part of it is that a student loan servicing company can be more profitable if they drive students into certain programs for doing deferrals and switching plans. These programs are clearly in the benefit of the servicer, to the detriment of the borrower, and CS reps have targets around it. If the system was fully automated, how could you ensure it yielded the maximum profit? People could just figure out the best way to repay their loan without your 'sales funnel' pushing them in the direction you want to go.
- zaroth 9y agoAn automated company has no need to try to maximize short-term profits from individual users, it should optimize for long-term value to the most number of users, right? Driving adoption of the platform to the most users and ultimately maximizing aggregate long-term profit and value simultaneously?