Amelia flies in the face of other robo-advisers

“I would probably rather speak to a human over the phone, but for straightforward queries, I would not be averse to speaking to an AI. Sometimes you will call up and the operator will give an answer which explores his past experience. I do not think that AIs would be able to do that – at least not in the near future.”

David Hollingworth, associate director of Bath-based London & Country Mortgages, said: “I do not think many advisers would object to speaking with an AI, as long as the information being given was accurate. Also, the responses mustn’t be generic. A human operator would either know the answer to a question or would have to go away to find the answer, or simply pass you on to a colleague. The AI must be robust enough to give equally sophisticated answers.”

He added: “The process can be very time-consuming. If the lender is busy, you can find yourself waiting on the phone for a substantial period of time. We will definitely see more attempts made by providers to innovate how they serve their clients.”

Myron Jobson is a features writer at Financial Adviser

Key points

A new form of artificial intelligence has entered the fray, promising to transform front-line customer support for mortgage companies

An IT company has devised a virtual mortgage assistant to handle queries

Questions arise over whether banks should implement an AI system to save on costs, or keep people in jobs