Standard Life is utilising AI to help its younger pension savers get onto the housing ladder.
This new AI coach is available within Standard Life’s ‘homebuyer hub’, part of its wider financial wellbeing proposition that is available to its workplace pension savers.
This AI coach is designed to give customers quick, easy-to-understand information around buying a home, including questions around affordability, deposits and different mortgages products.
Users can ask questions such as “What’s the minimum house deposit I can pay?” and receive responses based on homebuyer hub content. They can also add context, such as their salary or deposit amount, to receive more tailored explanations.
This homebuyer hub is created in partnership with digital engagement specialists Life Moments. Standard Life says this hub has been designed to reflect how many people approach their own finances, juggling longer-term goals, such as saving for retirement, with more immediate priorities, from day-to-day living costs to buying a first home.
Recent research by Standard Life showed that saving for a property is the top priority for people aged 18–30, while managing day-to-day finances remains important across all life stages.
Last month rival Aviva partnered with a mortgage broker to offers guidance on home-buying to its workplace pension customers.
Standard Life head of workplace and retail intermediary proposition Amy Johnson says:”Financial wellbeing means helping people feel confident managing all aspects of their financial lives, from buying a first home to planning for retirement. Many people are balancing competing priorities, and buying a home is one of the most significant financial decisions they will make.
“Our AI Coach makes it easier to access clear, trusted information. It helps people take control of today’s decisions, while building confidence in their longer-term financial future.”
Ben Leonard, Life Moments CEO & co-founder said: “The launch of AI Coach inside homebuyer hub brings together fact-checked content, audited tools and the safe use of data in a conversational format that is fast becoming the norm.
“We applaud Standard Life for embracing this emerging technology and embedding it into its tried and tested financial wellbeing offering.”
