Robo-adviser launches using chatbot technology

Robo-adviser launches using chatbot technology

Nuvo has launched what it describes as an “artificially intelligent digital broker powered by chatbot technology".

The launch of the robo-adviser, which uses AI to learn about customers to pick prices for mortgages and protection products tailored to them in less than a minute, comes just days after a US company claimed to be the first in the world offering financial advice with artificial intelligence.

Pefin was founded by former Goldman Sachs executive Ramya Joseph and has no minimum investment, charging $15 (£11) a month for financial advice.

With Nuovo, for more complicated financial decisions, the robo-adviser has an in-house team of financial experts ready to help advise and guide customers through their purchase, at no cost to the customer. 

According to Richard Hayes, chief executive and co-founder of Nuvo, the platform was developed to fill the gap between traditional financial brokers, who often charge a fee, and established price comparison websites, which provide a list of options without any guidance on the best product to buy. 

Mr Hayes said: "The whole reason price comparison websites exist is to give the customer the best deal but now we are being told to use more than one to find the best price. 

“In addition, whilst pricing tables provided by comparison sites might work for simpler purchases such as car insurance, more advice is needed when buying a mortgage. 

"It's the advice and understanding that places the customer at the centre of recommendations that is currently missing. Cheapest is not always best for the customer. 

“This is where Nuvo comes in, to provide free, impartial advice that ensures customers get the right option for them. Nuvo recommends the right product at the right price."

According to Mr Hayes, Nuvo can field thousands of concurrent conversations and remember user data to avoid lots of repetition when fulfilling new quotes. 

It treats customers personally, running regular analysis to ensure the user is on the best deal for their individual circumstances and will begin new conversations if it finds a better option, My Hayes added. 

Nuvo can even intelligently work out when to re-contact mortgage customers due to come out of an introductory period to provide an up to date quote on the latest mortgage deals.