Mortgages and user experience don’t often appear in the same sentence let alone on the same roadmap. But Shail Deep, COO at Experian (EMEA & APAC), and Andrei Lebed, CEO and Co-Founder of Koodoo, made the case that generative AI may finally fix that.
Speaking on the Horizon Stage at Money20/20 Europe, they walked the audience through a refreshingly grounded vision of how AI can humanize, and scale, financial journeys that were previously rigid, opaque, or intimidating.
And while mortgages anchored the case study, the message extended far beyond: the future of consumer finance is conversational, contextual, and built for people first.
The First AI Mortgage Advisor? Passed With 94% Accuracy
Lebed opened with a story: in 2023, Koodoo set out to test whether a generative AI model could pass the UK’s regulated mortgage advisor exam. Early results came in at 73% enough to technically pass. Months later, they pushed it to 94% accuracy.
This wasn’t a gimmick. “We weren’t trying to replace brokers,” Lebed clarified. “But to show what’s possible in terms of consistency, transparency, and support.”
It was enough to earn the attention of the UK’s Financial Conduct Authority. And rather than raising concerns, the regulator encouraged Koodoo to keep exploring the opportunity underscoring the potential for AI to support compliant, auditable advisory.
Redesigning the Mortgage Journey On the Customer’s Terms
Koodoo’s redesigned flow takes a traditionally static rate table and turns it into a fluid, AI-assisted conversation:
Best buy rates personalized in real time
Contextual guidance on lender criteria (e.g., Barclays rules)
Seamless transition to human advisors when needed
WhatsApp delivery of advice no calls unless requested
The idea? Let AI do the heavy lifting up to the point of decision. Then let a human validate if needed.
“No one wants to get stuck waiting for a broker to call them back,” said Lebed. “They want to act when they are ready.”
Experian’s “Eva” Shows AI’s Role Beyond Mortgages
Deep shared Experian’s broader AI play: Eva, a GenAI-powered personal financial coach. Eva helps users:
Understand and act on their credit score
Freeze/unfreeze credit files in real time
Identify and cancel wasteful subscriptions
Get proactive nudges based on real behavior
Unlike traditional chatbot experiences, Eva is designed to mimic the helpfulness of a human assistant while removing friction, time delays, and confusion.
“This isn’t about replacing humans,” said Deep. “It’s about creating better interactions—and trust.”
Lessons from Production: The Good, The Bad, The Ugly
The session’s most valuable segment may have been its candid “lessons learned” segment. Lebed and Deep acknowledged the unglamorous, complex reality of getting AI into production:
Users have chatbot PTSD: People expect generic, unhelpful flows. You must prove early that your assistant adds value.
Context retention matters: Koodoo’s updated model remembers prior interactions. Two months later, it can greet users by name and recall intent.
Users want rest for their thumbs: Even small UI improvements like quick replies (yes/no) increase adoption.
Testing is a new paradigm: Traditional QA doesn’t apply. Open-ended journeys demand new tools and metrics for success and failure.
“It’s not deterministic software anymore,” said Lebed. “You can build a new feature in two days but the QA may take weeks.”
Rethinking the Front Door to Finance
Deep closed with a vision: imagine if your first interaction with a bank wasn’t a form but a conversation. One that understood your goals, needs, and financial stressors in real language.
Lebed agreed. “Not every bank will adopt this evenly. But for those with distribution those with customers already in flow this is a rare moment to offer a fundamentally better experience.”
In a world where AI often conjures images of job loss or opaque decisions, this session offered a refreshingly human vision of what GenAI can actually do—when built with care, compliance, and customer experience at the core.
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