We conducted an early broker AI experiment with results that might represent industry norms sooner than later.
We assigned mortgage broker tasks to an AI and had the system carry a loan (with supervision) from a website-based AI-enquiry through to 'settlement'. The results give us a very clear indication of how the industry might evolve in the very short term, and our efforts point to the technology that businesses might need to employ (now) in order to effectively compete in a changing market.
Every stage of the broker stack and workflow was (much) faster and more efficient than human interaction - from assessing suitability for certain products, assessing risk, handling documents, managing compliance, through to 'CRM management'.
Until now, we've seen AI and tools such as ChatGPT used to perform basic 'functions' - not tasks... and it's the understanding of a workflow, and the AI's ability to automate the process with virtually no human interaction that'll have very pressing and profound implications on those organisations that fail to implement appropriate changes into their operation.
The fast-approaching consequences of AI systems in the finance industry will fundamentally change the way we do business. All aggregation groups and individual brokers need to assess their position now. The rate at which various products are making their way into the marketplace is unprecedented, and those that fail to recognise the need for change are essentially driving the Titanic.
We've heard the industry messaging and rhetoric that "brokers will always have a place".. and this is possibly true, but it's also true that those that will survive (or thrive) will use emerging tech for more than just writing an email or creating a mortgage calculator.
I cannot stress enough how efficiently our AI carried a loan to settlement. In each case, AI delivered higher customer satisfaction than 'sole' human interaction. A video discussion is forthcoming where we discuss the implications of this experiment.
