the adviser logo

Credit union launches home loan chatbot

by Reporter5 minute read
Home loan chatbot, Sydney Credit Union

Sydney Credit Union has launched a new chatbot that can help respond to users' home loan enquiries, with the aim of expanding the program to “process an entire home loan application within the platform”.

The Let’s Chat service, developed by Sydney-based fintech Epictenet, aims to help answer user enquiries on a 24/7 basis.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

Currently in its initial phase, the chatbot can respond to general queries related to home loans, personal loans, credit cards and insurance products. The chatbot acts as a fact find, lead generator, with the information gathered sent on to the credit union representatives for follow up.

There is also an option for users to contact a customer service representative should they so wish. 


Similar to the bot used by UBank, the software asks users a range of questions, such as what type of loan they are looking for, what kind of property they are looking to buy and its value, and when the loan is needed.

Interestingly, however, the full implementation of the technology could reportedly allow SCU to “process an entire home loan application within the platform, taking the customer through a friction-free journey from enquiry through to the submission of a home loan application”.

Epictenet CEO Ritesh Srivastava suggested that the technology has the capability to handle more complex scenarios, including home loan applications from freelancers. 

“We can handle all those scenarios,” Mr Srivastava said, “but at the moment, the Let’s Chat service is more of a fact find.”

SCU commented: “The launch of Let’s Chat is an innovation that came naturally as part of a continuous improvement for customer experience at SCU, taking self-service in the financial services industry to the very next level after the success of phone banking, internet banking, mobile banking and online application forms.” 

Ashley Jennings, SCU's CEO, added: “Epictenet [has] developed a very unique solution for SCU that allows SCU to serve an infinite number of customers at the same time, allowing us to leapfrog in our innovation journey.”

[Related: 85% of broker workload ‘immune’ to automation]



Credit union launches home loan chatbot
working threelaptop
TheAdviser logo
working threelaptop


You need to be a member to post comments. Register for free today


mark lewis fast ta llosc4

In Memoriam: Mark Lewis, 1963–2022

Mark Lewis passed away on Saturday (13 August). Mr Lewis was a well-known identity in the third-party broker...

anthony waldron mortgage choice ta ithtxm

Broker expertise key for securing right loan: Mortgage Choice

The data, which is derived from a June survey of 1,002 broker customers and conducted by Honeycomb Strategy,...

Mark Bouris new ifa

Brokers need to focus on the ‘value-add’: Mark Bouris

With competition among brokers increasing as the number of brokers rises – coupled with the fact that fewer...

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more