Digital mortgage lending platform M:QUBE has partnered with Mortgage Advice Bureau (MAB) to launch an artificial intelligence innovation lab.
The new agreement will see both businesses intend to focus on the potential application of artificial intelligence and machine learning in the mortgage market.
As part of this, both M:QUBE and MAB intend to apply this application to understand how it could benefit customers, advisers, and the businesses themselves.
Stuart Cheetham, chief executive at M:QUBE, said: “We’re incredibly excited about this initiative.
“I believe developing an AI innovation lab with MAB offers an excellent opportunity to lead and drive change in our industry, ultimately providing better outcomes for everyone involved in the mortgage process.
“It is clear M:QUBE and MAB have a shared vision of the future of the mortgage market.
“The use of artificial intelligence has revolutionised almost every other industry; I believe we’re on the verge of a quantum leap in the mortgage market.”
Ben Thompson, deputy chief executive of MAB, added: “We want to work with M:QUBE to look at doing more than just digitising the current process.
“This initiative offers the potential for real change in the mortgage market. M:QUBE certainly seem to be leading the way in enabling a market that is powered by data and artificial intelligence.”
“We’re excited to leverage their expertise in data processing to explore tangible solutions that would benefit customers and advisers, as well as mortgage lenders.
“This technology opens up so many opportunities in terms of lead generation and fulfilment that will help MAB advisers to deliver an even more compelling customer experience.”