Acing CeMAP: Key Lessons from Building a Successful AI

Acing CeMAP: Key Lessons from Building a Successful AI

Acing CeMAP: Key Lessons from Building a Successful AI

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Apr 5, 2024

Koodoo

🤯“Dealing with multiple clients at different stages, liaising with a whole host of lenders, and coordinating with solicitors and estate agents, not to mention the maze of compliance rules for every conversation - that's my day-to-day as an advisor. It's a constant information overload. Having any smart assistance to take care of these overwhelming details would be invaluable. It would let me focus on what matters most – ensuring my clients are informed and clued up, and keeping everyone in the loop without a hitch." said Ritesh Malkan , Koodoo Mortgage Advisor, in a product development meeting.

Our advisors constantly deal with information overload. In addition to our famous snacks and free coffee ☕, here at Koodoo we have been exploring how we can better support our advisors through the implementation of innovative technologies in their day-to-day. This led us to develop a Koodoo-LLM that passed the CeMAP exam with a 70%+ score across all categories, setting us off on our journey to empower human experts with AI tools.

✍️The Certificate in Mortgage Advice and Practice (CeMAP) is a respected UK qualification that evaluates the expertise of mortgage advisors, encompassing areas like mortgage law, policy, and Financial Conduct Authority (FCA) regulations.

🤖The Koodoo-LLM

Large Language Models, or LLMs, have propelled a significant leap in AI technology. They're designed to interpret and generate text in a way akin to human communication. By analysing extensive data, these models understand various topics, contexts, and subtleties.🌐

Koodoo's LLM, uniquely designed to comprehend the mortgage industry, is a landmark achievement. It's not just about the LLM grasping the technicalities of mortgage law or regulations; it's about understanding the role of a mortgage advisor – from their day-to-day tasks and responsibilities to the intricacies of workflow and quality assurance.

To prepare the LLM, Koodoo used specimen papers from the CeMAP exam, converted into a machine-readable format. The LLM was then prompted to approach these as real exam questions, applying its understanding of mortgages and regulatory guidelines. This preparation, without prior exposure to the correct answers, showcased the model's ability to accurately interpret and apply complex mortgage-related information. 💯

🪄So, What Can It Do For An Advisor?

Assisting Conversations with Customers: AI can engage in client cases and conversations in real-time, scanning through its mortgage knowledge base to provide advisors or clients with key information such as calculating overpay allowance and explaining basic concepts. This ensures advisors grasp all the relevant information quickly and provide specific advice to clients, improving client service quality and enhancing satisfaction.

Instant Document Validation: Koodoo’s AI cross-reference submitted documents at the point of upload against regulatory and lender requirements, ensuring everything is accurate and compliant before allowing applicants to submit document packages. This helps advisors get things “right-first-time” and save many hours currently spent by advisors on chasing the right bank statements and checking for fraud.

Quality Assurance on Calls: Our AI can also evaluate the content of calls, checking for completeness of information, adherence to regulatory guidelines, and ensuring all necessary topics are discussed for a comprehensive and compliant advisory service. This helps advisors to naturally engage in conversations while keeping track of the regulatory standards and easily communicating this with stakeholders.

Find out more here

🎃Can AI replace advisors?

🙅No! As powerful as it is, our expert advisors like Ritesh are irreplaceable.

💓Emotional Assurance and Personal Relationships are things that AI can’t emulate. Our advisors understand the stress and emotional weight of buying a home and can offer expertise and reassurance. Building personal relationships creates trust, and understanding client's unique needs and concerns, which is vital in this significant life decision.

🧞♂️Accountability, Authority, and Flexibility are also unique elements our advisors bring to the table. They make judgement calls, take responsibility for advice, and provide flexible solutions tailored to individual situations. They apply human insight and experience where strict data analysis falls short.

👯Relationships Beyond Customers: Advisors maintain relationships not just with customers, but also with a network of brokers, lenders, and other service providers. This network is vital for navigating the complexities of mortgage processes and requires human interaction and negotiation skills that AI cannot fully replicate.

🚀Applying AI to the business context

While AI cannot replicate human talents, it offers unmatched potential in data processing and rapid information analysis. The advancement of AI, exemplified by our Koodoo-LLM, highlights the importance of creating context-specific AI for real-world effectiveness.

Every industry has its intricate, often unique challenges and processes. To be effective for specific integration into human workflows, an AI must grasp not just general data processing but also specific field knowledge, industry regulations, client interaction nuances, and complex product information. While a general AI can adequately address plenty of your queries, transforming it into an effective assistant requires substantial refinement, including precise prompting, intricate coding, and seamless integration into existing workflows.

🔥Koodoo strives to build the best tools for advisors

At Koodoo, we strive to create the best intelligent tools for empowering people and businesses, and we want to make experts like Ritesh happier in their day-to-day.

Follow Koodoo on LinkedIn today for GenAI insights and real-world applications in financial services.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA. Mortgage Power Limited (trading as “Koodoo” and “Koodoo Advice”) is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 845978).

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Mortgage Power Limited, trading as "Koodoo" and "Koodoo Advice", is registered in England and Wales with company number 10978680 and ICO registration ZA560572 and is authorised and regulated by the Financial Conduct Authority . You can check the Financial Services Register here.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.

Scale Space,

58 Wood Lane,

London

W12 7RZ

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA. Mortgage Power Limited (trading as “Koodoo” and “Koodoo Advice”) is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 845978).

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Mortgage Power Limited, trading as "Koodoo" and "Koodoo Advice", is registered in England and Wales with company number 10978680 and ICO registration ZA560572 and is authorised and regulated by the Financial Conduct Authority . You can check the Financial Services Register here.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA. Mortgage Power Limited (trading as “Koodoo” and “Koodoo Advice”) is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 845978).

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Mortgage Power Limited, trading as "Koodoo" and "Koodoo Advice", is registered in England and Wales with company number 10978680 and ICO registration ZA560572 and is authorised and regulated by the Financial Conduct Authority . You can check the Financial Services Register here.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.

Scale Space,

58 Wood Lane,

London

W12 7RZ

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA. Mortgage Power Limited (trading as “Koodoo” and “Koodoo Advice”) is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 845978).

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Mortgage Power Limited, trading as "Koodoo" and "Koodoo Advice", is registered in England and Wales with company number 10978680 and ICO registration ZA560572 and is authorised and regulated by the Financial Conduct Authority . You can check the Financial Services Register here.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.