Training and support needed as brokers embrace artificial intelligence
A vast majority of mortgage brokers are eager to expand their understanding of artificial intelligence (AI), according to the results of a national survey on AI use and awareness.
The research found that 86.75% of brokers want to learn more about how AI can be applied in areas such as process efficiency, marketing, verification, customer experience, and business development.
The survey, conducted by mortgage support services provider Paradigm, examined how brokers are currently using AI, their confidence with the technology, and the challenges and opportunities they foresee as AI becomes more prominent in the mortgage and financial advice sectors.
While brokers are increasingly engaging with AI tools and recognise their potential to improve business operations, many indicated a need for further support and training to ensure safe and effective adoption.
Key findings include 75% of respondents reporting an understanding of AI’s development over the past 50 years, and 81.7% having used AI platforms such as ChatGPT or Copilot in the last three months. However, only 45.1% said they understood the difference between Open and Closed Data, highlighting some technical knowledge gaps.
When asked to rate their business’s alignment with AI across areas like data governance, workforce readiness, and strategic planning, brokers gave average scores between 2.26 and 2.82 out of five. Nearly 30% of firms are currently using AI in their marketing strategies, mainly for content creation, design, or analytics.
Paradigm said the findings underline the need for practical guidance and education across business functions. The company plans to work with lender and broker partners to develop training programmes for its members.
“The fact that people want to know more about AI in all aspects of their business is really encouraging, and they see AI as something to walk towards rather than away from,” said Richard Howes (pictured right), director of mortgages at Paradigm Mortgage Services.
“Over the next few months, we’ll be producing information and guidance to help firms market their business using AI and Large Language Models, while also helping them protect themselves from the bad actors who will inevitably seek to exploit this technology. Our goal is to ensure businesses can embrace AI safely, effectively, and profitably.”
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