Aston University has partnered with Phoebus Software to create the UK’s first set of generative artificial intelligence (AI) tools for banks, building societies and lenders, focused on servicing mortgage and savings accounts.
The Knowledge Transfer Partnership (KTP) is set to modernise how customers and agents use Phoebus’ mortgage and savings software.
The project brings together Phoebus’ technology developers with Aston University’s AI and digital transformation experts to produce new tools for Phoebus’ online software as a service products.
The team plans to use advances in natural language processing, metadata generation and data mining to build intelligent conversational interfaces.
The aim is to make servicing accounts more efficient, user-friendly and responsive, so users can navigate the system and find data faster.
Robin Jeffery, chief technology officer at Phoebus Software, said: “For our new and existing clients across mortgage and savings, we’re looking to enrich an already market-leading solution with more intuitive and responsive functionality that provides enhanced interaction with concise data and richer responses.
“As a technology-driven business always looking to push boundaries, our long-standing relationship with Aston University’s College of Engineering and Physical Sciences means this KTP is the perfect fit to help reimagine our innovative technology platform so we can offer solutions that truly disrupt and take the lead in the market.
“Alongside the work we’re doing to embed intelligent automation and user-centric design across our product, this project will further improve the customer experience for our clients and boost productivity.”
Phoebus will work with researchers in the Sir Peter Rigby Digital Futures Institute at Aston University.
The team’s focus in digital technology and development of AI tools contributes to Aston University’s wider work in the economic regeneration of Birmingham and the West Midlands.
Professor Abdul Sadka, director of the Sir Peter Rigby Digital Futures Institute at Aston University, said: “Co-creating innovative solutions for finance sector challenges using our expertise in AI data analytics will be very rewarding for our institute.
“We’re bringing together a nationally leading academic team who are at the forefront of AI/GenAI technologies and multimodal data analytics to really push the boundaries of what digital technologies can achieve in this space.”
