Australia’s UBank has launched RoboChat, the country’s first virtual assistant designed to help potential home buyers and refinancers complete their online home loan applications.
By providing real-time input on questions like “what term do you offer on home loans?” and “do you offer redraws and how do they work?” RoboChat’s goal is to help reduce the time needed for customers to complete the form by offering on-the-spot help.
Built with IBM Watson, RoboChat is still in training and will continue to learn as more customers engage with it, becoming smarter and more user-friendly over time.
RoboChat uses IBM Watson Conversation API and will use natural language to respond to customers on 40 core home loan topics along with hundreds of associated questions.
Lee Hatton, CEO of UBank, said: “Our goal is to deliver simpler, better, smarter banking to our customers and RoboChat will help deliver on this by streamlining the application form.
“If you’ve gathered all of your paperwork, the form can be completed in as little time as it takes you to have your breakfast. And, securing one of the most competitive rates in the market could help a customer save thousands of dollars in interest over the life of a loan. ”
Brock Douglas, vice president of IBM Watson, Asia Pacific, added: “From deepening the customer experience, to increased productivity for employees, virtual assistants are being adopted across industries and becoming more advanced in natural conversation and emotional intelligence, with the help of cognitive technology.”
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