Mortgage News
MPowered Mortgages chatbot resolves 60% of broker queries
The MPowered Mortgages artificial intelligence (AI) chatbot has solved 60% of queries put through to the lender, it has said.
The chatbot Criteria Genius was developed by MPowered Mortgages’ parent company MQube and was designed to communicate like a human being.
The chatbot features on the lender’s website and works to reduce brokers’ reliance on support agents for criteria-related questions.
Since launching last year, the Criteria Genius chatbot has been used by more than 3,000, which MPowered Mortgages said increased the capacity of the broker support team. The lender said this gave the team more time to focus on delivering its services to brokers.
MPowered Mortgages said the chatbot had enough sophistication to answer a wide range of questions accurately and the user interface had been designed to be similar to other online tools that brokers would be familiar with, such as ChatGPT.
The lender said this, as well as more brokers using the tool, doubled the percentage of questions answered by the chatbot since last year.
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It uses large language models (LLMs) to provide answers to questions based on the lender’s criteria.
Brokers will still be able to access MPowered Mortgages’ broker support team for other queries.
Brokers ‘embracing the chatbot’
Stuart Cheetham (pictured), CEO at MPowered Mortgages and MQube, said: “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.”
Cheetham added: “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.”
Katherine Stagg, director of broker firm Stagg Mortgage Service, said: “It’s no wonder MPowered have seen an increase in brokers using the chatbot tool. It’s really a no-brainer. Why call an adviser 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.”
Last month, MPowered cut rates across its fixed rate range.