UBank Unveils RoboChat
May 15, 2017
one of Australia’s leading digital only banks, has unveiled RoboChat,
Australia’s first virtual assistant to help potential home buyers and
refinancers complete their online home loan applications. RoboChat will
be available on the home loan section of UBank’s website and will be
available to 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. Built with IBM Watson, RoboChat is still in
training and will continue to learn as more customers engage with it,
becoming smarter and more user-friendly over time.
RoboChat will join the current live chat functionality already offered
on the site, and is the latest technological advancement in UBank’s
innovative cognitive banking offering. RoboChat uses IBM Watson
Conversation API and will use natural language to respond to customers
on 40 core home loan topics along with hundreds of associated questions.
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 a number of
tongue-in-cheek responses, such as Q: How much does a hipster weigh? A:
“Our goal is to deliver simpler, better, smarter banking to our
customers and RoboChat will help deliver on this by streamlining the
application form,” said Lee Hatton, CEO of UBank. “If you’ve gathered
all of 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. ”
Whilst this new form of technology will provide a streamlined approach
to the home loan application, it won’t affect the size of the local
UBank Customer Service team or the great work they do.
will be a very welcome addition to our team of customer service
experts,” continued Hatton. “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.”
RoboChat provides support 24 hours a day, seven days a week.
“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,” said Brock
Douglas, Vice President Watson, IBM Asia Pacific. “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.