FBAA survey reveals strong but cautious adoption of AI across the broker channel
Australian finance and mortgage brokers are increasingly using artificial intelligence (AI), according to new polling from the Finance Brokers Association of Australasia (FBAA), though concerns over data security and a clear generational divide remain.
In its latest monthly broker survey, the FBAA reported that 39% of respondents said AI was either “a core part” of their operations or that they were “actively integrating AI across multiple areas of the business.”
The association said around 80% of those using AI were applying it to marketing and client engagement tasks.
“We know there are still many limitations in AI, and I wouldn’t be rushing to use it for legal or compliance issues but it can increase efficiency and save time in other areas,” said Peter White (pictured right), interim chief executive officer at the FBAA, who is in the process of stepping down from the role.
“Brokers must embrace rapidly changing technology on an ongoing basis, and as they do this sensibly and even cautiously, they won’t be left behind.”
The FBAA poll suggests a marked age-based difference in adoption. Brokers aged under 50 were twice as likely to use AI in their work (54%) as those aged over 50 (27%). The association linked this to the challenge some longer-serving brokers face in adjusting established practices to newer technologies.
Data protection emerged as a key barrier to wider use. The survey indicated that concern about information security was a major reason many brokers had not taken up AI, with 12% of participants reporting a cybersecurity incident in the previous year.
In response, the FBAA has advised members not to enter client or company personal information into publicly available AI tools. It has also highlighted guidance from the Office of the Australian Information Commissioner, which warns: “Once personal information has been input into AI systems, particularly generative AI products, it will be very difficult to track or control how it is used, and potentially impossible to remove the information from the system.”
Despite these reservations, the association noted that among brokers who have used, trialled or explored AI as part of their daily workflow, four in ten reported that it had made a clear positive difference to their business.
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