Hinckley & Rugby Building Society, who this year celebrates its 160th anniversary, has rolled out an artificial intelligence assistant (built by financial technology business MQube) across their organisation in a move to give staff faster, more consistent access to internal policies and criteria.
Since Barry Carter’s promotion to CEO in 2024, the Society has accelerated its adoption of technology which includes the rollout of this new AI assistant. This new tool allows internal teams to query the Society’s lending policies in plain language and receive instant, accurate responses, eliminating the need to manually search through multiple documents. It provides quick responses to questions such as, “What is our policy on foreign nationals who have been in the UK for one year?” or “Do we lend on properties affected by Japanese knotweed?
Developed by MQube, the digital assistant, called Criteria Genius, uses large language models to automate up to 90% of criteria-related enquiries. The assistant, which has been used by mortgage lender MPowered for over two years in a broker-facing capacity, is now gaining traction across the wider lending industry as more providers seek to improve efficiency and enhance both broker and customer experiences.
Barry Carter, CEO at Hinckley & Rugby Building Society, says: “We’re proud to be partnering with MQube and excited by the potential of Criteria Genius to bring real benefits to both the Society and our members. As a forward-thinking Building Society, we’re committed to adopting innovative technologies that enhance our customer experience while driving greater operational efficiency.”
Stuart Cheetham, CEO at MQube, comments: “We are thrilled that Hinckley & Rugby Building Society has chosen to adopt Criteria Genius and excited to be supporting them in creating efficiencies for their internal staff and processes. Financial technology is evolving rapidly and has a huge role to play in shaping the mortgage industry and transforming the broker and customer experience. It’s encouraging to see lenders such at Hinckley & Rugby embracing AI and technology in this way and we are excited to be on this journey with them.”
MQube continues to pioneer technologies that enhance operational efficiencies and streamline the mortgage process for lending partners. Its AI-driven mortgage origination platform, Origo, which can deliver mortgage offers in seconds continues to be adopted by mortgage lenders across the industry as part of efforts to speed up and deliver fast mortgage lending decisions.
