New MQube lender, MPowered Mortgages, has joined the MAB panel to further progress the relationship established between the two firms in November via their AI lab.

Under the latest move, the two firms aim to create richer data insights in the mortgage industry – ultimately leading to better customer and broker outcomes through the application of AI tech.

Indeed, MAB and MQube have engineered an innovative process whereby AI and deep learning are at the heart of the end-to-end sales process.

From lead generation to completions, it is believed that better customer conversions will come from better understandings of customers through the application of AI. The aim is that the end-to-end customer journey will potentially be perfected through a more intimate understanding of the customer.

Once the huge amount of data has been capture from clients, it can often take several hours to manually sort through the information and extract and categorise what is needed.

Therefore Artificial Intelligence is much better suited to this aspect of the job. AI is expert in sorting through reams of customer data, verifying it and allocating it at speed.

MAB and MQube said embedding AI into the sales process will remove or greatly reduce repetitive tasks from the mortgage application process.

The application of AI and deep learning in the mortgage industry offers the advantage of a superior application process for advisers, providing them with the certainty and control they need. Customers expect to be able to transact with ease, therefore it is essential that firms generate a sales process that meets customer expectations.

AI presents the opportunity to deliver a higher quality customer experience, as advisers are better placed to understand their customers more intimately through data, generating better customer conversions. Implementing AI in the sales process at scale will be the future of the mortgage market.

Peter Brodnicki, CEO of Mortgage Advice Bureau, said: “MQube’s commitment to using AI and deep learning throughout the mortgage process matches our ambition to provide advisers with state-of-the-art tools which help them achieve the best outcomes for customers.

“We have a long-term mindset with this partnership and so we’re excited to continue supporting MQube and MPowered as the mortgage application process evolves even further.”

Emma Hollingworth, distribution director at MPowered, added: “By embedding AI and deep learning directly into the sales process, our aim will be to help Mortgage Advice Bureau brokers release more time on advising clients and bringing in new business.

“We’re looking forward to working with Mortgage Advice Bureau to evolve the mortgage process with AI and deep learning technology”.