Finding and applying for a mortgage has always been a fairly long-winded and often tedious process, but it seems the mortgage industry is finally catching up with the digital revolution.
Most major lenders can now at least begin the mortgage application process online; although having to drop offline to complete the application over the phone and via the post is still commonplace.
Fortunately, with the rise in the number of mortgage brokers conducting their business online, Habito, Trussle and Dwell for example, finding a mortgage is getting easier.
This year, mortgage broker Nuvo is going a step further with the launch of its Facebook Messenger service utilising smart technology and artificial intelligence.
Accessed via Facebook Messenger, the Nuvo chatbot, when provided with some basic customer information, can suggest the best mortgage options in under one minute.
The Nuvo platform has been designed to fill the gap between price comparison websites and fee charging traditional brokers, and fulfil the growing demand for online services.
Nuvo developer Richard Hayes says the company’s artificial intelligence powered chatbot sets it apart in the sector: “It allows customers to provide details via chat which not only is more natural than form filling, but it also means the process is two-way so the customer can ask a question at any point if there is something they don’t understand.
Speaking at an event last year, Bank of England governor Mark Carney said: “To its advocates, this wave of innovation promises a FinTech (financial technology) revolution that will democratise financial services.
Consumers will get more choice, better-targeted services and keener pricing.
As customers become more willing to delegate decision-making to machines, their funds and loans are being better matched with the best rates from around the system.”