The parent company of mortgage lender MPowered Mortgages has made its AI chatbot available to a limited number of other lender partners.

The chatbot, which is developed by MQube, has automated 90% of broker criteria questions.

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

Lenders will now 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 efficiencies for the lender including reducing reliance on broker support agents for criteria-related questions. It is designed to free up hours, resolving over 90% of criteria enquiries without the need for human intervention.

Chief executive officer at MQube, Stuart Cheetham, 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."

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