UK fintech startup Nuvo has launched an artificial intelligence-powered Facebook chatbot that helps people find the best deals on mortgages.
The bot aims to fill the gap in the market between expert fee-charging mortgage brokers and price comparison sites which provide users with options but no guidance.
Users answer questions from the bot, which then uses natural language understanding and bespoke algorithms to search through over 50,000 deals from hundreds of providers to recommend products in less than a minute.
Nuvo says that it can field thousands of concurrent conversations and remember user data to avoid lots of repetition when fulfilling new quotes. It treats customers personally, running regular analysis to ensure the user is on the best deal.
The bot can even work out when to re-contact mortgage customers due to come out of an introductory period to provide an up to date quote on the latest deals.
The company also has an in-house team of financial veterans to help advise and guide customers through their purchase when necessary, at no cost to the user.
Richard Hayes, CEO, Nuvo, says: "We’ve brought comparing complex financial products into the 21st century, whilst maintaining strict controls around data and regulation. In short, we combine everything that’s great about comparison sites and traditional brokers, to provide our customers with an all-round better experience."