A UK mortgage lending company have revealed that an online AI chatbot has solved 60 per cent of their broker enquiries, without the need for human interaction.
MPowered Mortgages, a mortgage lender based in Guildford, have said the AI chatbot, which they call their ‘Criteria Genius’ that speaks like a person, was developed by MPowered’s parent company MQube. The AI bot ‘allowed complex criteria queries to be answered in an instant,’ according to the company.
The Chatbot now has a dedicated space on the lender’s website and has reduced the need for broker support agents regarding criteria related questions from clients. Since it’s launch, the company say the AI bot has ‘transformed the way MPowered’s broker support team operates’ – and claim that 3,000 brokers are now using Criteria Genius. The use of the bot has doubled since last year.
The main boon of the AI tech is that it ‘frees up valuable time to ensure the best possible service is being delivered to brokers’. The bot is growing ‘increasingly more sophisticated’ and Mpowered say the online product can now ‘answer even more questions correctly’ with new use interface designed to be similar to tools such at ChatGPT.
Stuart Cheetham, CEO at MPowered Mortgages and MQube, comments:
“Criteria Genius can answer broker questions instantly. We are delighted that brokers are embracing the chatbot as using it saves them both time and hassle. MQube feels strongly that lenders need to look at ways of creating efficiencies within their “in-house” mortgage processes by leveraging technological advancements. A chatbot that answers questions instantly is just one of the ways they could be doing this. Our main goal at MQube is to take the stress and hassle out of the mortgage journey for both the brokers and the customer so that getting a mortgage becomes as quick as getting car insurance.”
Criteria Genius leverages large language models (LLMs) to provide precise answers to complex questions on the lender’s lending criteria. This technological advancement ensures brokers receive immediate, accurate responses, significantly cutting down on wait times. Brokers do still have access to MPowered’s dedicated Broker Support Team for any other queries.
MQube say they continue to pioneer technologies that ‘enhance operational efficiencies and streamline the mortgage process for its lender partners’. Its AI-driven mortgage origination platform can deliver ‘mortgage offers in seconds’. Another innovation, Marketing Genius, utilises AI and LLMs to generate marketing content rapidly, supporting brokers with customer engagement and acquisition.
Katherine Stagg, Director of Stagg Mortgage service says: “It’s no wonder MPowered have seen an increase in brokers using the chatbot tool. It’s really a no brainer! Why call an advisor for straightforward related criteria questions when they can be answered quickly by Criteria Genius. All brokers should be using this tool and lenders need to embrace such new technologies that makes our lives easier and gets our customers quicker decisions and better outcomes.”
