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Koodoo unveils GenAI digital agent to streamline home buying

Source: Koodoo

Koodoo, a leader in mortgage technology innovation, is proud to announce the launch of its new Generative AI-powered Mortgage in Principle (MIP) digital agent designed to help first time buyers take their first steps towards owning a property.

An MIP certificate allows a customer to understand how much they can afford to borrow, and is often necessary to start the house-viewing process and negotiate with sellers. By integrating the MIP Agent into its broker journey, Koodoo’s customers can start the journey 24/7, without the need to speak to a human being or fill in a lengthy form.

The current mortgage application process is often lengthy and disjointed, requiring consumers to share personal information with mortgage advisors or complete extensive online questionnaires to get answers to simple questions. Over 60% of first-time buyer customers on comparison websites are simply looking to understand how much they can borrow, and existing journeys often do not meet this need. These customers typically still need to go through a lengthy application process to get an MIP.

This complexity around finding out how much you can even borrow leaves many applicants feeling overwhelmed and creates an overreliance on human support, resulting in long wait times and difficulty in finding the best advisor match. Koodoo wants to service those 60% of first-time buyers in a better way, and so their MIP digital agent addresses these issues by enabling users to apply for their MIP through a natural, jargon-free conversation with the digital agent, receiving instant results and answers to questions.

Available 24/7 and in multiple languages, the MIP digital agent provides customers with a personalised MIP certificate sent directly to their email, even outside of business hours. This ensures continuous support and accessibility, allowing customers to self-serve and gain confidence in the mortgage application process. If additional human assistance is needed, the digital agent seamlessly triages customers to the appropriate resources, enhancing the quality of interactions and leads for advisors. This innovative approach not only reduces operational costs but also allows advisors to focus on high-value tasks, ultimately benefiting both consumers and the business.

Digital agents, like Koodoo’s MIP digital agent, are set to revolutionise customer communication in the financial services sector. By incorporating human-in-the-loop escalation and handoff mechanisms, simple queries can be handled by digital agents while complex queries are seamlessly transitioned to human agents. This optimises triaging and delivers top-notch customer service. Koodoo’s MIP digital agent exemplifies this approach by sitting at the start of the customer journey, supporting initial enquiries, and handing off to human agents as needed, ensuring a smooth and efficient process.

The MIP digital agent stands out in the market due to its use of cutting-edge Generative AI technology, which enables it to host natural conversations and respond with relevant knowledge and context. This makes the MIP application process easy, digestible, and fast, setting a new standard for the industry. The digital agent is also configurable to meet changing policies and business needs, ensuring it remains effective and compliant with new industry standards. Additionally, it integrates with various business processes, such as booking meetings with advisors and comparing mortgage rates, providing a comprehensive solution for clients.

Andrei Lebed, CEO of Koodoo, expressed his excitement about the launch, adding “Our MIP digital agent serves a key customer need, especially that of first-time-buyers seeking to understand how much they can borrow. What sets this digital apart from traditional MIP forms or chatbots its ability to flexibly engage in a conversation with a customer, answer unexpected questions (much like a human agent), and generate a digital certificate in real time for the borrower. We are already working on agents with deeper abilities both for Koodoo’s brokerage and also for external partners.”

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