MQube Makes Its AI Chatbot Available to a Limited Number of Lender Partners

Artificial Intelligence
22.11.2024 09:25 am

MQube, the mortgage technology company and parent of mortgage lender MPowered Mortgages is making its AI chatbot available to a limited number of other lender partners. The chatbot which is used by MPowered Mortgages has automated 90% of broker criteria questions.

The chatbot uses large language models to ingest a lender’s policies and then provide instant, accurate answers to complex criteria questions.

Lenders will be able to integrate this plug-and-play tool into their internal platforms, broker and customer-facing web portals and existing chat interfaces. MQube also offers a sandbox version that enables lenders to freely test the chatbot on their policies and build the confidence to deploy it in their organisation.

The chatbot has been in operation at MPowered Mortgages for over a year in a broker-facing capacity. It has created significant efficiencies for the lender including reducing reliance on broker support agents for criteria-related questions. It frees up hours of their time given it resolves over 90% of criteria enquiries without the need for human intervention. Many of the 4,000 brokers using the tool have said they found the chatbot extremely intuitive and that it both saved them time and hassle allowing them to deliver the best possible service to their customers.

Stuart Cheetham, CEO at MQube, comments: “ This is no ordinary chatbot but one that has the capacity to answer the most complex and detailed questions about a lenders’ 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.”

MQube continues to pioneer technologies that enhance operational efficiencies and streamline the mortgage process for lending partners. Its AI-driven mortgage origination platform can deliver mortgage offers in seconds. Another innovation of MQube's, Marketing Genius, utilises AI and LLMs to generate marketing content rapidly, supporting brokers with customer engagement and acquisition.