MQube is making its AI chatbot available to a limited number of other lenders.

The chatbot which is used by MQube’s lender, MPowered Mortgages, has automated 90% of broker criteria questions.

The chatbot takes in a lender’s policies using large language models (LLMs)  and can then provide “instant, accurate answers to complex criteria question”.

INTEGRATION

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 before deploying it on the live site.

“This is no ordinary chatbot”

ONE YEAR ON

The chatbot has been in operation at MPowered Mortgages for over a year in a broker facing capacity and the lender has reported “significant” efficiencies, including reducing reliance on broker support agents for criteria-related questions. Over 90% of criteria enquiries have been answered 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.

“Service levels of lenders is something that we know is a pain point for both brokers and customers”

Stuart Cheetham, CEO at MQube, said: “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.