The Nuvo digital brokerage has been launched by Nick Sherratt (pictured left) and Richard Hayes (pictured right), who have been operating a more traditional-style advice firm called Life’s Great for the last ten years.
Hayes told Mortgage Solutions that the chatbot, which is presently in its beta format, will operate through Facebook Messenger to provide quotes and begin the advice process.
However, the fact find and application will be completed by a human adviser.
Once the service is fully launched in early 2018 the chatbot, which will be available on the firm’s website, will gather everything for the full fact find.
It will also conduct sentiment analyses of client responses and help to identify potential confusion by customers around the mortgage and product referral process.
Whole of market
The broker is directly authorised and operates whole of market with access to more than 30,000 products.
It is notable that Nuvo is driven as an extension of an already existing broker firm into new technology, rather than by a technology business entering the mortgage market.
Hayes believes this will stand the firm in good stead and urged other brokers to take the step forward as well.
“Technology can massively help the broker market,” he told Mortgage Solutions.
“I think a lot of businesses don’t understand the benefits to our sector and as a result they fear it.
“More millennials are buying mortgages now and they are very technologically active. There’s a big problem – if traditional brokers don’t accept that they are going to have to deal with those people, they are going to struggle to find new customers,” he warned.