New AI app launched for easier home loan applications



One of Australia’s leading digital banks has tapped into the latest cognitive technology, launching a virtual assistant app aimed at simplifying the home loan application process.

UBank 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 to guide customers through the application form.

It seeks to 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. It will join the current live-chat functionality already offered on the site, and is the latest technological advancement in UBank’s innovative cognitive banking offering.

RoboChat uses IBM Watson Conversation API and will use natural language to respond to customers on 40 core home loan topics, and will have answers to hundreds of associated questions.

The app has been trained on data collected from customer questions submitted via UBank’s live chat experience, and has been tested by dozens of users and iteratively trained.

CEO of UBank Lee Hatton said the bank aims to deliver simpler and smarter banking to customers.

“RoboChat will help deliver on this by streamlining the application form,” Ms Hatton said.

“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.”

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