MPowered Mortgages has reported that its AI-powered chatbot, Criteria Genius, has been able to solve three in five (60%) broker queries.

The chatbot, which speaks like a person and was developed by MPowered’s parent company, MQube, now has a dedicated space on the lender’s website, reducing reliance on broker support agents for criteria-related questions.

Since its launch, Criteria Genuis has changed the way in which MPowered’s broker support team operates. With over 3,000 brokers using the tool, the AI-powered bot has increased the capacity of the broker support team, freeing up time to ensure they deliver its service to brokers.

Combined with more brokers using the tool, the percentage of questions answered by the chatbot has doubled in the last year.

Criteria Genius uses large language models to provide precise answers to complex questions on the lender’s lending criteria. This advancement ensures brokers receive immediate, accurate responses, cutting down on waiting times.

Chief executive officer at MPowered Mortgages and MQube, Stuart Cheetham, said: "Criteria Genius can answer broker questions instantly. We are delighted that brokers are embracing the chatbot as using it saves them both time and hassle.

"MQube feels strongly that lenders need to look at ways of creating efficiencies within their 'in-house' mortgage processes by leveraging technological advancements. A chatbot that answers questions instantly is just one of the ways they could be doing this.

"Our main goal at MQube is to take the stress and hassle out of the mortgage journey for both the brokers and the customer so that getting a mortgage becomes as quick as getting car insurance."

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