Can generative AI be the answer for advisors?

March 24, 2024 by Brendan O'Neill

Mortgage Advisors

This is a very busy period for mortgage advisors. Therefore, many argue that locating suitable and affordable loans for clients amidst temporary property market and interest rate turbulence is the priority, but compliance matters related to Consumer Duty must not be ignored either. The latter issue means advisors are currently spending more time on admin, but happily, there could be a solution – in the shape of generative artificial intelligence (AI).

It has the real potential to cut back on the routine administration that takes up so much time for advisors. By that we mean tasks like voice and written notetaking, as well as remembering the crucial information from meetings that will be put into CRM systems. These jobs occupy time that could be more efficiently spent on other things, but they are also not the best use of that CeMAP qualification.

These tasks can easily be accomplished by generative AI, however. This tech is already moving out of the margins and can really benefit mortgage advisors. It is able to record and transcribe the data from each call that an advisor makes to a client, before isolating the important parts so that they can be auto administered to CRM systems. That will save advisors time, but also the difficulty of accurately recalling the crucial information from these meetings.

That is not the only benefit that it can have for advisors, though. It is also capable of composing draft emails in the wake of client calls and writing suitability reports that are customised to each individual client. While generative AI is still in its infancy and there is much room for improvement, its potential as a labour-saving tool is clear to see.