UBank operates under the National Australia Bank licence. RoboChat will be available 24/7 on the home loan section of the bank's website and will guide customers through the application form.
By providing real-time input on questions like “What term do you offer on home loans?” and “Do you offer redraws and how do they work?” RoboChat aims to help reduce the time needed for customers to complete the form by offering on-the-spot help.
Lee Hatton, chief executive of UBank, said “Our goal is to deliver simpler, better, smarter banking to our customers and RoboChat will help deliver on this by streamlining the application form. If you’ve gathered all your paperwork, the form can be completed in as little time as it takes you to have your breakfast. And, securing one of the most competitive rates in the market could help a customer save thousands of dollars in interest over the life of a loan.”
RoboChat has been trained on data collected from customer questions submitted via UBank’s LiveChat experience, and has been tested by dozens of users and iteratively trained. Thousands of questions and responses have now been plugged into RoboChat and analysed with IBM Watson, ensuring customer’s queries are responded to in an efficient manner.
Ensuring the home loan process is as enjoyable as possible, RoboChat has even been built with a sense of humour, offering several tongue-in-cheek responses, such as Q: How much does a hipster weigh? A: An Instagram.
“RoboChat will be a very welcome addition to our team of customer service experts. UBank will still have experienced staff on hand to chat on the phone, via email and our live online chat offering, RoboChat will provide an added option for those needing quick online responses or those that are close to finalising the form,” said Hatton.
Brock Douglas, vice-president Watson, IBM Asia Pacific, said, “From deepening the customer experience, to increased productivity for employees, virtual assistants are being adopted across industries and becoming more advanced in natural conversation and emotional intelligence, with the help of cognitive technology. This year IBM Watson will engage with more than a billion people, across 20 industries.
"UBank’s work with IBM Watson is a powerful example of how organisations are leveraging cognitive virtual assistants that have the ability to engage in a conversation, ask questions, learn and respond in context – as opposed to providing stock responses.”