The technology is being trialled with its sales and underwriting teams to see how effective it is at responding to complex criteria-related queries.
ChatGPT is an artificial intelligence chatbot which has been designed to respond to users in a human-like manner. It gives detailed, conversational responses to prompts, admits to its mistakes and is able to challenge incorrect statements.
MPowered has used ChatGPT technology to develop its own question and answer tool which can provide comprehensive responses built on an understanding of the lender’s criteria as well as historic broker conversations.
The lender said the current practice of needing to contact the broker support desk took time and ChatGPT should be able to return instant responses. It said it would also be an improvement on existing chatbots which have limited capabilities.
Stuart Cheetham, CEO of MPowered Mortgages, said: “At MPowered Mortgages, we are constantly looking at ways we can both improve the broker journey and speed up the time it takes to get a mortgage offer using the power of AI.
“ChatGPT is at the cutting edge of chatbot technology, and perfectly augment’s our own in-house proprietary AI which is already live in the market, and we’re delighted to be taking the first steps to test how we can integrate this into our processes, with the ultimate aim of delivering a more enhanced tool to brokers in the near future. AI will drive innovation in the mortgage market and MPowered Mortgages is at the forefront in deploying this technology to resolve real everyday problems.”
He added: “We hope in time it will both make their lives easier, but also improve customer journeys by getting immediate responses to live enquiries.”
