MPowered Mortgages has reported that 60% of broker enquiries are being resolved by an AI-powered chatbot, Criteria Genius, developed by MQube.
The chatbot, which now has a dedicated space on the lender’s website, reduces reliance on broker support agents for criteria-related questions.
With more than 3,000 brokers having used the tool since its launch in August last year, Criteria Genius has increased the capacity of the broker support team.
Increased developments in the sophistication of Criteria Genius has enabled it to answer more questions correctly, and a new user interface has been designed in a way that is similar to other online tools that brokers are likely to be familiar with, such as ChatGPT.
This, combined with more brokers using the tool, has meant that the percentage of questions answered by the chatbot has doubled since its launch.
Criteria Genius leverages large language models (LLMs) to provide answers to complex questions on the lender’s lending criteria.
This technological advancement ensures brokers receive immediate, accurate responses.
Brokers do still have access to MPowered’s dedicated broker support team for any other queries.
Stuart Cheetham, 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.
“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 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.”
