SPF Private Clients has adopted IBM Watson and IBM Cloud to develop Ava, a new AI virtual Help to Buy mortgage adviser.
Ava was created to handle the significant increase in enquiries from first-time buyers looking to take advantage of the Government’s Help to Buy scheme and the added complexities of the eligibility criteria. It helps first-time buyers onto the property ladder by offering round-the-clock support for any query they may have.
It answers customer questions, verifies personal details and documentation while processing enquiries at a faster rate. It aims to give a mortgage indication in just three minutes.
It is trained on 200 common questions regularly received by the advisers and knowledge from the Certificate in Mortgage Advice and Practice (CeMAP). Ava offers quick clear answers that help guide buyers through the early stages of the buying journey.
Buyers can then get a mortgage recommendation in just three minutes, a Decision in Principle in 15 minutes and be connected to an adviser for a full mortgage recommendation in 30 minutes – a service which SPF said previously took up to five working days.
Ava is powered using IBM’s Watson Assistant, an AI-enabled virtual assistant, and is built on the IBM Cloud. Integrated with IBM Watson Tone Analyser and Escalate AI solution, from IBM Business Partner Escalate AI, Ava also offers a hybrid human chat solution. By analysing tone and confidence in client messages, Ava can ensure that clients needing extra support are seamlessly handed over to an adviser.
Over time and with built-in machine learning functionality, the virtual assistant will get smarter and better at advising on Help to Buy mortgages. As new questions come in, Ava alerts the advisers who can jump in to connect with the client and Ava learns the answer remembering it for next time.
Ava was also developed using additional services on the IBM Cloud, including IBM Cloud Foundry, IBM Compose for MongoDB and IBM Cloud Object Storage. This has enabled the customer’s personal information to be securely managed and allows Ava to continuously deliver during peak times while also learning and developing as a service as she works very closely with the advisers.
Freddie Savundra, digital architect at SPF Private Clients, said: “Lots of people want help understanding how much they can afford through the Help to Buy scheme and how each stage of the mortgage application process works. With Ava, we can guide them at every step, giving them confidence that they’re in the best possible hands.
“Combining live and bot chat allows us to elevate the client experience and manage a number of different client scenarios within one user-friendly interface.”
With many property developments offering viewings on weekends, SPF noticed an increase in Help to Buy enquiries over the weekend and late on Sunday evenings. Traditionally reliant on speaking to a mortgage adviser during working hours, SPF wanted to better support clients and provide a round-the-clock service.
Available 24/7 on the company website, Ava can pre-qualify potential buyers for the scheme by verifying a client’s details such as bank statements, credit card transactions and passport information uploaded into the portal and present applications ready to progress to the advisers first thing Monday morning.
SPF said Ava is enhancing the role of traditional brokers, enabling them to spend more time conducting analysis on new developments and properties and building relationships with banks to secure the best lending rates for clients. It has allowed SPF Private Clients to have more informed conversations with clients and deliver better client service.
“With the increasing digitisation of the mortgage market and more people seeking mortgage information and application processing online, Ava delivers real competitive advantage and expertise in simplifying the house buying process,” said Richard Voaden, channel leader, Watson and Cloud Platform, IBM UK and Ireland.