Lee Hatton Chief Executive Officer Ubank

New AI app launched for easier home loan applications

By Tim Neary

One of Australia’s leading digital banks has tapped into the latest cognitive technology available, 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 along with hundreds of associated questions.

The app 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.

CEO of UBank Lee Hatton said the goal is to deliver simpler and smarter banking to UBank’s customers.

“RoboChat will help deliver on this by streamlining the application form,” she 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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New AI app launched for easier home loan applications
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