Australia: RoboChat launched by UBank

In a first for Australia, UBank has released a virtual banking assistant called ‘RoboChat.’ UBank’s virtual assistant has been designed to help home buyers and borrowers who are looking to refinance through the online application process by providing quick and concise answers to a range of home loan related questions. Lee Hatton, CEO of UBank, explained the decision to launch this new technology as, “Our goal is to deliver simpler, better, smarter banking to our customers and RoboChat will help to deliver this by streamlining the application form.”

The proportion of borrowers who applied for their most recent loan through an online channel has been steadily increasing, moving from 8% in March 2016 to 10% in March 2017, and the introduction of the RoboChat may help to increase even more.

As RFi Group data shows that the proportion of borrowers who applied for their most recent loan through an online channel has been steadily increasing, moving from 8% in March 2016 to 10% in March 2017, and the introduction of the RoboChat may help to increase the number of online home loan applications even more. RoboChat uses IBM Watson Conversation API and it has been programmed in such a way that it will continue to develop the more it engages with customers. While UBank has introduced this new technology to streamline the online process home loan specialists will still be available via the phone or over email to provide more detailed advice.


Source: RFi Group Australian Mortgage Council

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