Nuvo to launch mortgage adviser chatbot

The artificial intelligence (AI) and chatbot technology is constantly learning about customers to suggest products tailored to them. Nuvo suggests mor

The artificial intelligence (AI) and chatbot technology is constantly learning about customers to suggest products tailored to them.

Nuvo suggests mortgage options to a customer in less than a minute once it has gained some basic information. Customers can opt to chat to a qualified human financial adviser via the website or book a telephone interview.

The Nuvo advisers are on hand to intercept the chatbot and vet all the decisions the AI makes before the customer completes their purchase.

Co-founders

The Nuvo platform, which is currently in beta release, was developed by Nick Sherratt (pictured left) and Richard Hayes (pictured right). They have been running their own mortgage brokerage in Macclesfield, Cheshire for a decade, also selling life insurance and income protection.

They wanted to fill the gap between traditional brokers, who often charge a fee, and price comparison websites, which provide a list of options without any guidance on the best product to buy.

Hayes said: “We found that customers want to have a better insight into mortgages, such as how much they can  borrow plus a breakdown of costs like stamp duty.”

Third parties

Hayes continued: “Our USP is that we are integrated with third party services such as credit reference agencies so we can run a soft search on credit worthiness.”

Nuvo can access data feeds with the likes of ONS for income and expenditure and Equifax Property Insight. Equifax provides information on the type of property, details of any mortgages held by the individual, plus estimated valuations and costs associated with living in the property.

Details

Hayes says Nuvo’s AI powered chatbot sets it apart in the sector.

He explained: “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.

“We have launched in Facebook Messenger for the beta as this will allow the chatbots natural language understanding (NLU) technology time to develop in advance of our consumer launch in 2018.

“2018 will see a full mortgage journey developed on our own platform. This will incorporate new features to deliver an all round more straightforward customer experience.

“We will be launching a digital mortgage journey that goes beyond anything that’s currently available in the marketplace.”

The Nuvo service is fee-free as commission is taken from the insurer or mortgage provider. The algorithm for selecting products does not take the commission into account so Nuvo only recommends the best product for the customer.

 

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