UK Fintech disruptor, Nuvo, has launched the world’s first artificially intelligent digital broker, providing prices for mortgages and protection products in less than a minute.
The AI and chatbot technology learns about customers to suggest products tailored to them.
It was developed to fill the gap between traditional financial brokers, who often charge a fee, and established price comparison websites, which provide a list of options without any guidance.
Richard Hayes, chief executive and co-founder of Nuvo said: “The whole reason price comparison websites exist is to give the customer the best deal but now we are being told to use more than one to find the best price.
“In addition, whilst pricing tables provided by comparison sites might work for simpler purchases such as car insurance, more advice is needed when buying a mortgage.
“It’s the advice and understanding that places the customer at the centre of recommendations that is currently missing. Cheapest is not always best for the customer.
“This is where Nuvo comes in, to provide free, impartial advice that ensures customers get the right option for them. Nuvo recommends the right product at the right price.”
The beta release comes after a review by the Competition and Markets Authority, which recommended that consumers should use a variety of sites to get the best deals.
Recent research by Nuvo showed nearly 40% of Britons do not, or cannot use a financial adviser, meaning that they must rely on their own research once they have received a list of prices from comparison websites.
Nuvo is fee-free, with commission being taken from the insurer or mortgage provider.
Hayes added: “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. And what’s more, our service is completely fee-free.”
Most people are unaware that brokers can offer them more product choice for mortgages than going direct to lenders.
Nuvo uses artificial intelligence to speed up the process and search through over 50,000 deals from hundreds of leading providers to recommend the best products.
Hayes said: “Our AI powered chatbot really sets us apart in the sector. It allows customers to provide details via chat which not only is more natural than form filling, but it also means the process is two way so the customer can ask a question at any point if there is something they don’t understand.
“We have launched in Facebook Messenger for the beta as this will allow the chatbots natural language understanding (NLU) technology time to develop in advance of our consumer launch in 2018.
“2018 will see a full mortgage journey developed on our own platform. This will incorporate new features to deliver an all-round more straightforward customer experience. We will be launching a digital mortgage journey that goes beyond anything that’s currently available in the marketplace.”
Nuvo can field thousands of concurrent conversations and remember user data to avoid lots of repetition when fulfilling new quotes.
It runs regular analysis to ensure the user is on the best deal for their individual circumstances and will begin new conversations if it finds a better option.
Nuvo can intelligently 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 mortgage deals.
Unlike other PCWs and digital brokers, Nuvo will complete the transaction from search to purchase and never direct customers to a third-party website.