At the heart of the mortgage industry's technological transformation lies a critical misunderstanding: the fear that AI will replace human interaction.
One of the many concerns people often have about the adoption of AI in the mortgage industry relates to the commercial benefits of implementing the technology and the impact it may have on the advice process.
At the heart of these concerns lies a substantial fear: losing the human interaction that many of those working in the industry consider to be so pivotal to the entire mortgage process.
Yet the role of AI in the mortgage industry is not to replace the unique and integral relationship between brokers, their clients and lenders. Instead, AI can be used to enhance and support lenders and brokers by streamlining the application process and improving business efficiencies.
Given the complexity surrounding the mortgage process, being able to speak to a broker for reassurance and guidance will always be a vital part of taking out a mortgage.
The idea that technology and AI will replace this human interaction is misguided. A mortgage is a significant commitment; one that is not to be taken lightly and many borrowers will continue to prefer to speak to a real person about their mortgage needs.
However, where AI could revolutionise the mortgage industry is by analysing and processing the vast amount of data and documentation required to get the mortgage application over the line. This includes information such as customer payslips, bank statements and tax returns.
By having AI take care of the administrative burden, brokers can free up time to focus on generating new business and offering the personalised service that borrowers often value.
AI can also offer insight into customer preferences and behaviours. This can be used to identify potential leads and maximise sales opportunities as well as enable brokers to adjust the way they work by helping them to use their time more efficiently and achieve better success rates.
Used correctly, AI will help brokers and lenders differentiate themselves in an increasingly competitive market.
Contrary to popular belief, implementing AI doesn't mean astronomical expenses or unreliable technology. Of course, the implementation of any technology will require some level of investment, but Sikoia's AI-powered tool for example, works with current systems and can be implemented in a way that requires minimal changes to existing processes and behaviours.
Admittedly, this type of technology would have been costly and unreliable a few years ago, but today, AI can fill that gap efficiently and affordably.
Modern AI solutions:
Brokers and lenders who embrace AI will:
The future of mortgage lending isn't about choosing between technology and human expertise—it's about integrating both to deliver exceptional customer experiences.
Sikoia Ltd is authorized and regulated by the Financial Conduct Authority (FCA) as an Account Information Service Provider (AISP) under the Payment Services Regulations 2017 (FRN: 942979) and as a credit reference provider (FRN: 942616). Sikoia Ltd is a credit broker and not a lender. Credit is subject to status.
.png)
%20(2).svg)
