News : A Chatty Chatbot to Help You Apply for Home Loans
Kuala Lumpur, Malaysia, Sept, 2019 -- Property developer Mah Sing launched an artificial-intelligence-enabled chatbot called Madam Loan which aims to facilitate home loan applications.
The chatbot, developed in partnership with financial planning website RinggitPlus, is an educational platform that assists potential borrowers with struggles they face in purchasing a property.
It utilises conversational AI and informs potential buyers on how to apply for a home loan, the amount they can get, the types of government financial assistance available and the properties they can afford.
Mah Sing’s strategy and operations director Rachel Leong said Madam Loan was inspired by the Apple Genius Bar, where customers can get "concierge-style" tech support in Apple retail stores.
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"Until fairly recently, if you wanted to do research online on taking out a house loan, you were limited to services that didn’t take into account your individual circumstances.
"Madam Loan will show you the mortgage products and applicable Mah Sing properties after it assesses your financial circumstances," she said at the platform’s launch here.
"We actively built a personality into Madam Loan, giving her a chatty tone of voice and informal language to uplift what may otherwise be dry financial advice," said Leong.
RinggitPlus CEO Liew Ooi Hann said a lack of financial literacy and awareness among Malaysians is why there is a need for assistance in applying for home loans.
"We believe that Madam Loan will be able to help out most home buyers, particularly new home buyers, to understand the processes involved when buying a property," said Liew.
The chatbot, which is already live, can be accessed online and will be running for three months until Nov 30.
Leong said they will monitor the performance of Madam Loan in the three months before exploring future possibilities for the platform.
Posted by Veronica Silva Cusi, news correspondent
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Published: Wednesday, October 2, 2019
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