Digital bank UBank will launch an AI-powered assistant to help its customers in the process of applying for a home loan.

The AI assistant is called Mia, short for My Interactive Agent built by FaceMe, a New Zealand-based company.

The bank will pilot Mia later this month with a handful of customers applying for a home loan.

UBank already use RoboChat and the Live Chat experience with UBank’s advisors helping its customers apply for a home loan.

The bank said the success of both these AI chatbots for the company and its customers was the “foundation of Mia’s development”.

Lee Hatton, CEO at UBank said, “By bringing Mia to life, we’re giving customers a whole new way to interact with their online home loan application and completely challenging the perception of a digital bank.”

Customers will speak directly to Mia via their desktop or mobile device to ask it questions about the home loan application, available 24 hours.

Mia will be able to answer 300 common questions about the home loan application journey. UBank said its personality will be someone “smart, empathetic, trustworthy and someone that doesn’t use bank jargon”.

Hatton said, “We’re partnering with technology leaders all the time to build a diverse support ecosystem for our customers, and this partnership with FaceMe is a great example of this.  

FaceMe AI chatbot in use

“What we love about this opportunity with FaceMe is the chance to innovate in the digital space, staying true to our roots, but finding a new way to connect more deeply with our customers.”

Danny Tomsett, CEO at FaceMe said, “Our vision is to enable leading companies like UBank to create more meaningful and valuable experiences for their customers.

“Mia offers an emotionally connected experience for servicing customers making an exciting and important life decision. We are very excited about the opportunity to work with UBank and further validate the evolution of digital customer experience.”

UBank said AI-driven projects have been well received with 4 in 5 customers saying they’re happy to use RoboChat. RoboChat has also answered more than 50,000 questions to date – roughly 86 questions per day since launch.

Hatton explained, “We want to continue attracting customers but maintaining the same number of team members to support this ever-growing customer base.

“That means we need to leverage key technologies like AI to tackle the typical questions customers ask, so we can free up our team to address the unique situations our customers need more support with, every day.”

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