Could AI do a broker's job

Of course, AI could do a mortgage broker's elementary job. However, that is in the narrow sense of product selection based on a tick box approach. You feed in the data, and the system will churn out some results. Most online robo-advisors follow a similar algorithmic approach.

The (multi-) million dollar question however remains whether we would trust such a robo-advisor with our business or not. As a portfolio landlord who buys and remortgages several properties each year, I would still only trust the judgement and nuanced findings of a well-experienced human with grey hair (or dyed, if they prefer it that way). Keeping aside lending criteria, product features and borrower requirements, a well-trained human will always deliver a better outcome when 'the computer says no'. Nothing beats that intrinsic human intelligence of trying to find a solution for the customer.

AI isn't going away any time soon, and brokers need to research how it can help their business, but be warned it's not to replace them!

Could AI really convey empathy with a client's situation, or lend an ear to a messy mortgage split with an ex partner?

AI is learning every single day but can it really learn human emotion to a point where it seems authentic, I beg to differ!

We've seen it rear its head in the digital marketing space for mortgage advisers and it can help some advisers help more clients in some instances.

What we have found is that the companies that are helping the most amount of clients, are the ones that have gone to the other end of the spectrum and become ultra-personal with their offering online. In my eyes AI can't replace that personal touch.

Here's the thing. When 80% of the broker’s job is understanding people’s needs, pain points, and the very human desire to be guided through uncertainty by someone they trust, AI doesn't pass the test. A robot isn’t a ‘someone’.

So many brokers make themselves available at all hours, patiently explaining to customers the meaning of complex terms and conditions.

Also, in my experience, AI is pretty rubbish at accurate, deep-level compare and contract jobs. They’re good at the relatively shallow stuff, but answering useful questions that are meaningful to a customer, is another issue.

And – there’s a new glitch in tech. AI bots are having ‘hallucinations’ (official term, not mine), and making up stuff… which means they’re not always as reliable as people think they are -- which is really important when it comes to giving people accurate information about different lender offers. AI is a tool, not a craftsman. A plank, not a carpenter.

AI use in financial services is a great step forward, at www.MortgageShop.com we use it daily in all of our factfinding processes - computers can gather all the related information from clients automatically freeing up advisers' time for the more important soft skills and individual bespoke financial analysis. Despite our ambitions to create an AI-backed advice system computers have no chance against a decent qualified adviser when it comes to discussing the nuances of financial scenarios and their monetary implications - we accept the limitations of computerised systems but fully utilise them for the mundane processes of the industry. We know that consumers absorb financial information much better with human intervention, rather than screens of data that they need to absorb and our processes follow this principal of backing up the data with human intervention.

Can AI perform a broker's job?

The short answer is yes, it probably can. However, if you posed this question to the most renowned AI bot, it would inform you that it isn't fully equipped to execute the role as a living, breathing person would.

We cannot afford to ignore the AI revolution, it's happening and those who do risk being left behind.

Embracing change is vital for progress and enhancement. I firmly believe that AI, coupled with other technological advancements, offers us an opportunity to achieve better client outcomes when utilised appropriately.

It could possibly do the vanilla cases, but any other recommendations it gave such as life insurance, would end up being declined. Its easy to say no to a robot. My cases are all complex and there is no way AI could do them. Sometimes we spend the first hour just trying to understand!

AI is a fantastic tool in any industry. Here at the Manchester Mortgage Centre, we use AI most days to help generate social content, ideas, design, the list goes on.

I am sure at some point in the near future AI will be able to replace your typical high street lenders mortgage adviser who isn't trained to give advice. They offer a limited number of products which I'm sure AI can take care of.

A good mortgage broker will always beat AI when a client needs advice. Where they need to talk to somebody and tell them a story while the adviser pulls out key bits of information that form integral pieces of the jigsaw. People still want that personal touch which AI can't deliver.

If an AI can only get 70% despite in theory having all the answers in its memory banks that goes to show just how subjective being a broker is. Whilst the wider world thinks us brokers merely exist as a price comparison tool, until a computer can liaise with various parties to stop a chain falling apart, reason with an underwriter to approve a case or actually get the documents needed from a customer I don't think brokers have anything to fear.

As computers get smarter and smarter one day they will inevitably be able to do the job of a mortgage broker. However, as a mortgage is the largest commitment the majority of people will take on, I find that most clients are looking for a personalised service that a robot will simply never be able to give.