Nuvo to revolutionise the mortgage market with the launch of chatbot digital finance broker
UK Fintech disruptor, Nuvo, has taken financial comparison to the next level with the launch of the world’s first artificially intelligent digital broker powered by chatbot technology.
Nuvo makes comparing and buying mortgages quick, convenient and fee-free. The innovative AI and chatbot technology is constantly learning about customers to suggest products tailored to them.Nuvo provides quick prices for mortgages and protection products in less than a minute. Plus, for these more complicated financial decisions, there is an in-house team of financial experts ready to help advise and guide customers through their purchase, at no cost to the customer.
The Nuvo platform 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 on the best product to buy. Nuvocombines expert advice and cutting-edge technology, so that results aren’t just compared by price, but recommended by the best individual option, so customers can buy with confidence.
The beta release comes shortly after a review by the Competition and Markets Authority, which recommended that consumers should use a variety of sites to get the best deals. The results of its review highlighted that existing PCWs needed to be clear about how they make money; how many deals they’re displaying and how they are ordering the results. It also criticised data usage and in one instance has opened a competitive law investigation over contracts that risked raising home insurance prices.[*]
Richard Hayes, CEO 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.”
Historically, if a customer wanted advice they would see a broker or Independent Financial Adviser. However, recent research conducted by Nuvo showed nearly 40 per cent 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.[†] With mortgage rates and offers changing daily, it’s a financial minefield for consumers to navigate blindly.Most people are unaware that brokers can offer them more product choice for mortgages than going direct to lenders, in fact brokers can access 10 times the amount of deals a consumer can access directly.[‡] Nuvo provides easy and free access to a large number of mortgage products and provides advice on the best option to ensure that customers really are getting the right product, every time.
An expert development team has spent thousands of hours creating an experience that is continually evolving with every customer interaction. Nuvoasksonly the necessary questions, and uses artificial intelligence to speed up the process and search through over50,000 deals from hundreds of leading providers to recommend the best products.
Richard explains:“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 wayso 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 treats customers personally, running 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 even 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.
With an emphasis on transparency and jargon busting, customers can ask Nuvo questions at any time during the journey and expect a straightforward answer.And unlike other PCWs and digital brokers, Nuvo will complete the transaction from search to purchase and never direct customers to a third-party website.
The customer is always the priority, which is why the Nuvo service is completely fee-free. Commission is taken from the insurer or mortgage provider. What’s more, the algorithm for selecting products does not take the commission into account in any way. Nuvo only recommends the best product for the customer.
Underpinning the entire process is a team of financial experts with over150 years combined team experience in mortgages.The Nuvo experts are on hand to intercept the chatbot and vet all the decisions the AI makes before the customer completes their purchase. By combining this expertise with innovative technology, Nuvo enables customers to compare products quickly and conveniently. The recommendations Nuvo provides, allow our customers to buy the right products with confidence.
It’s not just the chatbot technology that Nuvo has developed that sets the offering apart from the rest of the market.Firstly, Nuvo offers customers the chance to compare all offers, so they can ultimately know that they are getting the best option for them. And, by offering protection products for the mortgage deals served to customers, Nuvo stays with the customer from start to finish, not handing them off to another supplier.
Visit www.nuvo.ai to try the beta chatbot.
[†]Based on a survey of 2000 adults conducted b Nuvo in October 2017
[‡]Legal and General Mortgage Club Report 2017: Mortgage Myths, The Value of Brokers http://www.legalandgeneral.com/mortgageclub/latest-news/value-of-a-mortgage-broker/report.PDF