Artificial Intelligence will become a reality for all

06 July 2018

I have written many articles on the continual development of technology for our sector, with new entrants coming to market with digital solutions, and existing suppliers looking at ways of making existing solutions available digitally.

We have seen a stark increase in the number of press-releases on the launch of mortgage artificial intelligence (AI) and “robo-advice” based solutions, albeit the genuine level of AI being used in some cases is no more than automated decisioning which has been around for many years.  However, the use of AI is growing in many industries globally and it will only be a matter of time before the use of AI becomes more prevalent in the UK mortgage industry.Here at Phoebus Software, we are developing our digital capability on a platform that is also used to develop AI solutions, a decision we took to try and future proof any new digital capability as much as possible. 


What we must remember is much of this technology is already being used in everyday life. Most smartphones now use biometrics of some sort and many banks use elements of this functionality as a secure way of customers signing in to their banking applications. AI is also being used heavily in the online retail space, allowing targeted marketing based on an individual’s search history. This is now happening more prevalently in UK FS, with the insurance sector being at the forefront of utilising this successfully.  UK mortgages will follow suit.


From an operational perspective, the obvious areas that can utilise AI and machine learning to drive efficiencies are call centres. Utilised properly and with the correct machine learning capability, simple first line enquiries can be dealt with by AI thus reducing the call volumes received by human call handlers. As the “machine” learns, the level of enquiry being dealt with can become more and more complex. There are reports that a major global bank that invested in this type of technology has a call centre where AI deals with 95% of first line enquiries through this type of technology.

There is a wealth of data available from sources ranging from search engines to social media. Although advice and product recommendations are obvious future uses, very important areas such as fraud prevention can also be enhanced by these technologies.

So what does the future hold? Clearly quality of data, from as many sources as possible, is key to the successful use of AI to make recommendations and, as time goes by, established banks and building societies will have no choice but to utilise these technologies to keep up with customer expectations from a service perspective.

Media contact

Debbie Staveley
Director and Owner,
bClear Communications

+44 (0)1275 542 511


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