How Can AI Help The Mortgage and Finance Broking Industry?

In the latest LVR Podcast hosted by Ruan Burger from Success And Broker & Marissa Schulze from Rise High Financial Solutions , our Founder and CEO, Julian Fayad , discusses how artificial intelligence is changing the mortgage and finance broking industry. As AI technology rapidly advances, it’s becoming a game-changer for brokers. Julian’s insights reveal how advancements are not just enhancing current operations, but are set to make brokers’ roles more impactful and focused, reshaping how they interact with clients and handle complex tasks.

The Ultimate Assistant for Mortgage and Finance Brokers

Julian compares the role of brokers in the age of AI to driving Tesla Self Driving car:

“The broker needs to be in the driver's seat with the hands on the steering wheel, but the Tesla (or the broker technology) is going to be sort of keeping them in the lane, making sure they are focused on the road.”

This analogy highlights AI's role as a powerful assistant that helps brokers navigate their tasks while keeping them aligned with their objectives. This ultimately enhances efficiency and decision-making, without removing the very important human interaction on the relationship side.

Streamlining Processes and Enhancing Efficiency

AI greatly speeds up deal assessments in mortgage and finance broking. As Julian Fayad explains,

“Before you focus on the lowest rates / best deals, you need to check eligibility. If brokers can do this in seconds, or even <200 milliseconds with an API, imagine how many more deals they can handle.”

This quick processing lets brokers manage more deals efficiently, increasing productivity and providing faster, more accurate service to clients.

The Evolving Role of Brokers

While AI will handle many of the simpler tasks, the role of the broker will become even more critical in managing complex and nuanced cases. Brokers will need to apply their judgment, experience, and interpersonal skills to navigate intricate scenarios that AI alone cannot address. Julian likens this to,

“Out of the 70% of people and scenarios the AI can handle, the brokers have the ability to deal with the other 30%”.

This shift means that brokers will focus more on high-value activities, providing personalised advice and strategic insights that AI cannot replicate.

Implications For Administrative Roles

As AI simplifies aspects of the broking process, it is expected to decrease the need for certain administrative tasks within broking businesses in the future. This change could shift staff roles from routine tasks to more strategic and valuable positions. With AI handling more basic work, staff can focus on meaningful tasks that better support their organisation's goals. This transition allows employees to apply their skills in ways that contribute to the overall strategic goals of the business, engaging in more meaningful and high-level activities.

Here at LoanOptions.ai , we are excited about the potential of AI to drive innovation and improve the way we serve our clients. As AI continues to advance, we remain committed to leveraging its capabilities to support our brokers and enhance their role in delivering exceptional client service

Listen to the full LVR Podcast episode here featuring Julian Fayad to explore these insights.

Contact LoanOptions today to find out how our innovative solutions can help you stay ahead in the evolving mortgage and finance broking industry.