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The association has released new research to unpack the opportunities that AI technology holds for the mortgage broking industry.
Less than two years on since the release of ChatGPT, the use of AI technology has been exponential across the day-to-day operations of the mortgage broking industry.
In response to the ever-evolving technological landscape, the Mortgage & Finance Association of Australia (MFAA) has released its latest discussion paper – titled Embracing the Future: Towards the safe and ethical use of AI for the mortgage broking industry – aimed at providing guidance for the industry on the use of AI.
The paper was informed by research carried out by the MFAA that included roundtables held nationwide.
According to the MFAA, the paper explores the “transformative potential” of AI for broking businesses, while addressing critical issues in relation to ethics, compliance, and consumer protection.
Additionally, the paper is intended to:
• Promote discussion and reflection on the use of AI within the mortgage and finance broking industry.
• Provide insight into how brokers are considering the use of AI within their businesses.
• Provide practical guidance for mortgage and finance brokers when integrating AI into their businesses.
MFAA CEO Anja Pannek said the emergence of AI tech has given brokers “the opportunity to adapt and improve their business and client experience like never before”.
She said that AI’s adoption will also require “consideration of guardrails” to guarantee the trust and confidence built up by mortgage brokers with consumers are maintained and continue to grow.
“This is where our role at the MFAA comes into play. We have always led from the front when it comes to supporting our members, and the industry, to embrace technological change, and AI is no different,” she said.
“In this discussion paper, through the lens of embracing the future, we are look to provide practical guidance to our members that they can apply in their businesses to adopt AI in a safe and ethical manner.”
According to the MFAA, another emerging theme from the roundtables was that despite brokers being enthusiastic about embracing the opportunities that AI presents, it is essential to them that the human element of broking and client interactions are maintained and upheld.
Pannek said: “AI will never replace the value a broker brings to their client – the human, and deeply personal relationship that only a broker can have with their client.”
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