One of Australia’s digital only banks has tapped into cognitive technology to simplify the home loan application process with an innovative virtual assistant.
UBank, a division of National Australia Bank (NAB), has unveiled RoboChat, Australia’s first virtual assistant to help potential home buyers and refinancers complete their online home loan applications.
RoboChat will be available on the home loan section of UBank’s website and will be available to guide customers through the application form.
Training But Learning Fast
The cognitive technology aims 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.
Thousands of Questions
The virtual assistant has been trained on data collected from customer questions submitted via UBank’s LiveChat experience, and has been tested by dozens of users and iteratively trained.
Thousands of questions and responses have now been plugged into RoboChat and analysed with IBM Watson, ensuring customer’s queries are responded to in an efficient manner.
«Our goal is to deliver simpler, better, smarter banking to our customers and RoboChat will help deliver on this by streamlining the application,» said Lee Hatton, CEO of UBank.
