UK startup Nuvo introduces the first digital broker powered by artificial intelligence. Although still in beta, the tech offers a world of ease and convenience in mortgage and insurance shopping.
Online is the future of business. It’s a technological and commercial inevitability. With more service industries entering the digital marketplace, it’s only a matter of time before other players follow suit – finance and mortgage included.
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The finance and lending sectors have experienced a rough transition in the past few years. Yet, without a doubt, both industries have successfully passed the initiation phase and are polishing their way to delivering seamless end-to-end services that meet the growing demand online.
Now, consumers can do banking via their mobile phones, shop for homes using real-time updated information, and even apply for a mortgage without actually going through the hassle of setting up meetings and appointments. It’s convenience like this that attracts both businesses and consumers to the web.
A race of ingenuity
Yet, the feat is also a race of ingenuity. And the technological disruption in the finance and mortgage industry is played not only by lenders but also by tech experts and mortgage brokers. One of the players breaking the mold is online mortgage broker Nuvo who is beta testing an AI-powered tech in the UK.
Nuvo uses artificial intelligence to power a chatbot that engages in customer conversations via the Facebook Messenger app.
Here’s how the Nuvo works.
The customer must log in to their Facebook Messenger app and start a conversation with Nuvo’s chatbot.
The bot then asks the customer information about themselves: what they are looking for, if they intend to purchase a new home or refinance, etc. The bot can also ask customers about their birthdates, household income, and whether they intend to buy or rent. Based on the customer’s input, the bot then scans over 50,000 mortgage products to recommend one that best fits what the customer is looking for. A return for an inquiry can take less than 60 seconds.
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Nuvo allows the option to speak to a real broker too should, at some point during the conversation, the customer would prefer to do so.
Nuvo’s approach is a new take on mortgage research that allows mortgage shoppers to get rid of time-consuming self research, or those who just don’t have the time to sit down with a broker or a realtor. It is also a huge change from the typical rigid set of predetermined questions and answers of most mortgage application platforms.
Is it free? Absolutely! Nuvo is only paid from the commissions they get when a recommended mortgage is taken by the customer.
The broker approach
Richard Hayes and Nick Sherratt, Nuvo’s young founders say that their tech aims to help home buyers get the right mortgage product for their needs using access to data that most customers won’t find on their own.
When asked what gives their approach an edge, Sherratt and Hayes said that their team has over 150 years of collective experience in the mortgage industry. They are also constantly monitoring conversations with the bot. They added that they are ready to jump to a live chat or call if the customer wants to.
Even more so, Nuvo is not exclusive to mortgages. They provide secured loans, life insurance, as well as income protection products.
It’s a powerful platform that sets the bar for other players in the game, being the first digital mortgage broker chat bot powered by AI. The bot is already live although still in beta. Full launch is expected in the earlier part of 2018.
With Nuvo’s timely emergence, many are on the lookout for their next step. Will Nuvo’s platform be available to consumers in the US or will another startup claim the name in the American market?