MQube, parent company of digital lender MPowered Mortgages, has made its AI chatbot available to a select group of lenders.
The chatbot has been in operation at MPowered Mortgages for over a year and has been used by over 4,000 brokers.
The chatbot uses large language models (LLMs), a form of using natural language, to process a lender’s policies to provide instant and accurate answers to complex criteria questions.
Since launching with MPowered Mortgages, it has automated 90% of questions submitted by brokers.
The lender said it had created “significant efficiencies” by reducing reliance on support agents and freeing up their time.
It claimed that many of the 4,000 brokers who have used the tool said they found it “intuitive” and that it saved them time.
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Lenders using the chatbot will be able to integrate it into their platforms, web portals and chat interfaces with a ‘plug and play’ tool. MQube also offers a sandbox version that lenders can use to test the technology.
Stuart Cheetham (pictured), CEO of MQube, said: “This is no ordinary chatbot, but one that has the capacity to answer the most complex and detailed questions about a lender’s criteria, providing brokers and customers with answers quickly and saving them both time and hassle.
“Service levels of lenders is something that we know is a pain point for both brokers and customers and this new chatbot has been designed to support lenders in improving the service they offer by eliminating the hassle of waiting on the phone by answering complex criteria questions in an instant.”
