MortgagX has announced the launch of what it is describing as ‘employees’ powered by artificial intelligence (AI), with the hope that they can provide assistance to mortgage advisors.
The financial technology (fintech) company is stating that these non-human workers will be able to carry out routine administrative parts of the job. It argues that the automation of those tasks should speed up the overall application process, as well as having other benefits for advisors. The main additional advantage of the AI workers is that they will give mortgage advisors more free time to work directly with their clients.
MortgagX is also claiming that this launch represents the first AI tool to be specifically designed for use in the mortgage industry. It will automate the standard paperwork that is involved in the application process.
That process is often considered to be a slow and inefficient one. This is not due to any failing on the part of advisors, but is simply a reflection of the fact that much of the work must be done manually. Throw in strict demands concerning compliance, and you have a recipe for laboriousness.
It also means that advisors rarely have enough time to focus on growing their businesses and building relationships with clients.
Talking to Mortgage Introducer, Ifthikar Mohamed of MortgagX said:
“The human element remains essential, particularly when understanding client needs and offering personalised advice.”
This sounds like a solution that would be useful to anyone with the CeMAP mortgage advisor qualification. It is being designed to serve as a complement rather than a replacement.
