First Digital Home Loan Adviser Introduced by UBank

Recently, UBank which is a digital lender has entered into an agreement with an artificial intelligence firm to develop the first ever online assistant for home loan application. The firm states that users will be able to communicate with it directly to deal with all the problems related to their mortgage.

A week before, Kenneth Hayne QC passed on final report of his royal commission which suggested prohibiting banks from paying trail commissions to mortgage brokers from mid-2020. However, the borrower will be asked to give a direct fee for the service.

NAB’s subsidiary UBank does not compensate mortgage brokers, however, its latest robot-like home loan solution provides a glance into the way the service could be offered in the coming years. Several analysts are assuming that only the rich individuals will be able to pay for a broker, at the same time, regular individuals will have to depend on a digitalized service.

Artificial loan assistance, is named Mia, which stands for My Interactive Assistant & supported by FaceMe, which is a start-up of Artificial Intelligence. It will communicate directly with customers via smartphone or a desktop, giving advice on queries like what can be termed as an expense to what’s a variable rate.

UBank stated that Mia will be available to communicate with consumers 24*7 and Mia will answer over three hundred usual queries that consumers may have about the process of home loan application, so that they can have access to a smarter & connected experience.

Lee Hatton who is UBank’s Chief executive stated that the bank will offer an emotional connection to a digital experience. She said that they view Mia as a great innovation, specifically in the home loan department, where an emotional connection can be created & questions can be answered from the comfort of one’s home.

Mia is an amazing latest technology supported by AI & an opportunity to assist consumers in taking good decisions. Individuals will be able to fill their applications for home loan rapidly & correctly due to the fact that they have the correct information.

Danny Tomsett’s Chief Executive of FaceMe stated that royal commission into the financial sector emphasized on the requirement for technology to offer substitute solutions for the segment. The one thing which is quite exciting about the said technology is that it’s pretty smart & intelligent adviser is for everybody’s access, offering correct advice sans any personal bias.

Author: Abhishek Budholiya

Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.