With more than 20,000 enquiries logged since its launch in January, OCBC Bank announced today the success of the first-of- its-kind specialised home and renovation loan chatbot service in Singapore. More than 10% of the chat sessions have been converted into mortgage loan sales prospects.
Called ‘Emma’, the home and renovation loan artificial intelligence-powered chatbot provides potential home buyers and current home owners with a convenient, fast and accurate “always-on” digital channel to get their questions addressed. When computing affordability for a home loan or giving a step-by-step guide on applying for a renovation loan, ‘Emma’ can do so within its chat window. This way, ‘Emma will not need to direct the consumer to a separate website, where they have to sieve out the information. Neither will the consumers receive vague and non-specific answers, a common complaint among chatbot users today. One of the top three questions asked by consumers – “How much can I borrow?” – is easily addressed by ‘Emma’ using its built-in Total Debt Servicing Ratio (TDSR) calculator.