Brokers’ perceptions of how AI will affect their work are no longer schizophrenia – a lot of people suggest that this will promote the business, while others fear that it will bring about work.
HSBC’s latest brokerage barometer says seven out of 10 brokers “have either incorporated AI into their business or intends to do so.”
Chris Pearson, head of the intermediary mortgage party at HSBC, believes that the AI “transformation” of how technology changes brokers’ workload from document verification to marketing is already “in progress”.
“Processing file verification – a traditionally time-consuming task, can now be processed in seconds using an AI-powered system, which greatly reduces latency and improves accuracy,” Pearson said.
He added: “Even in marketing and management, AI can feel its presence. There are a lot of AI tools and assistants that can help brokers quickly draft client letters, create social media content and stay in touch regularly – a crucial but often overlooked task due to time constraints.”
However, another poll earlier this month found that more than half of mortgage intermediaries were concerned that the technology could reduce demand for labor workers in the region.
The survey found that 54.5% of brokers were concerned about the prospect in a poll by smart people on customer review websites.
It added that more than 40% of brokers said they had no plans Adopt AI tools Enter their business.
The report also said that only one in eight brokers currently use AI in their recommendation process, and most people will “be more of a management tool than a tool that can support customer recommendations.”
Brokers also split their comfort with AI affecting loan decisions, the survey said.
Only 6% said they felt “very comfortable” with AI involvement, while nearly 40% added that they were “discomfortable” or “very uncomfortable” with the idea.
But HSBC’s Pearson believes that the role of artificial intelligence will be the needs of serving brokers.
“It’s not about replacing brokers with machines. It’s about using technology to do the heavy lifting, so brokers can focus on what they do best – building relationships and providing trustworthy advice.
“As adoption continues to grow, companies that cannot explore the risks of these tools in terms of efficiency and customer expectations may lag behind them.
“AI is no longer optional,” Pearson added.
