Mortgage Advice Bureau (MAB) has partnered with technology firm M:Qube to investigate the practical application of machine learning and artificial intelligence firm (AI) in the intermediary and consumer mortgage market.
Ex-Lloyds and HBOS executives Stuart Cheetham and Richard Fitch launched M:Qube ‘to transform mortgage origination’ in the UK and suggest they are in discussion with all the major mortgage distributors covered by non-disclosure agreements.
All products are at development stage and the 38-employee firm M:Qube, which launched four years ago, has been developing technology for 18 months.
Stuart Cheetham CEO at M:QUBE said: “It is clear M:Qube and MAB have a shared vision of the future of the mortgage market. The use of AI has revolutionised almost every other industry and I believe we’re on the verge of a quantum leap in the mortgage market.”
MAB deputy CEO Ben Thompson (pictured) added: “We want to work with M:Qube to look at doing more than just digitising the current process. This initiative offers the potential for real change in the mortgage market. M:Qube certainly seems to be leading the way in enabling a market that is powered by data and Artificial Intelligence (AI).
“We’re excited to leverage their expertise in data processing to explore tangible solutions that would benefit customers and advisers, as well as mortgage lenders.
“This technology opens up so many opportunities in terms of lead generation and fulfilment that will help MAB advisers to deliver an even more compelling customer experience.”
M:Qube’s focus spans data management and connectivity which Cheetham said Twenty7Tec and Mortgage Brain are also working on, but the data management piece ‘is the trick.’
Cheetham continued: “This is exploratory work to use AI and machine learning to perfect data, to get a more robust understanding of a customer and how we use those technologies to get better outcomes.
“We’ve agreed to use them with MAB on how to improve the journey and over the next months and quarters and yes, we’ll be able to find commercial solutions to innovate.”
In one example, he explained open banking architecture is still not in use but its real time nature means the issue of missing or inconsistent information can be picked up at the earliest point and be fixed by AI.
Originally published here.