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A leading AI specialist has pushed brokers to engage in continuous learning to keep pace with technological changes, including AI.
Ahead of his keynote address at the Better Business Summit 2024, the global leader for digital transformation practice at Norton Rose Fulbright, Nick Abrahams, has said that the role of brokerage heads (and other industry leaders) should evolve as the use of artificial intelligence grows.
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Speaking to The Adviser, he urged brokerage heads to stay abreast of technological advancements and integrate them strategically into their business. Brokers could particularly use AI-driven insights for strategic planning and market positioning, he suggested.
“Moreover, brokers have to foster a culture that embraces change, and encourages innovation among team members,” he told The Adviser.
“Encourage a mindset of continuous learning and adaptation to keep pace with technological advancements. Foster a culture that embraces change and encourages innovation among team members.”
The human touch can’t be automated
While brokerages could use AI to boost efficiency, there are some functions that cannot and should not be automated, he warned. This includes undertaking relationship-building activities and in-depth client consultations that require empathy, understanding, and trust.
Mr Abrahams added that brokers play a pivotal role in providing personalised advice and complex decision making, where human judgement and experience are crucial.
Brokers must therefore continue to develop soft skills like empathy, critical thinking, and relationship building to demonstrate their value as AI and technology take over more menial tasks, Mr Abrahams underscored.
What can you automate?
Functions that could be automated include routine tasks such as data entry, basic customer inquiries, and report generation to increase efficiency and reduce human error.
“Brokers could also leverage AI’s ability to handle large datasets and identify patterns to undertake compliance checks and risk assessments and management. This means you could provide more accurate advice to clients,” he said.
“Brokers could also use AI for analysing market trends and customer data, enabling more informed and rapid decision making. Some AI companies help identify when customers are about to churn off their mortgage.”
Installing AI chatbots that handle routine queries through automated client interactions could enable brokers to focus on complex tasks, Mr Abrahams continued.
Coupled with this, AI could automate administrative tasks like document verification and compliance checks.
“There is scope for brokers to employ balance automation. You can blend AI for efficiency in back-end operations and human touch for front-end client interactions,” Mr Abrahams advised.
Brokers more important now than ever
Despite the growing use of AI and demand for speed, the vital role of the broker would not diminish.
“Use technology to facilitate, not replace, personal interactions, and maintain a human connection,” Mr Abrahams emphasised.
Consistently communicating with clients as an ongoing advisory presence is also important (not just during transactions). Brokers could therefore look to establish themselves as thought leaders by producing insightful content and informed opinions on industry trends, Mr Abrahams suggested.
“Surprise clients with bespoke information. Provide them with easy-to-understand educational resources and tools to help them make informed decisions,” Mr Abrahams said.
“Tailor messages to the specific interests and needs of clients, making communication more relevant and impactful. Offer value that goes beyond financial transactions like networking opportunities or educational seminars.”
Listening to clients about their personal and financial goals will allow brokers to align their advice with their aspirations, he added.
Above all, he insisted that brokers must “establish a foundation of trust” with clients by being transparent and honest in all dealings.
“Communicate in a clear, concise manner that cuts through the clutter of information overload,” he concluded.
His comments came ahead of his keynote address at the Better Business Summit 2024 roadshow, where he will detail how brokers could elevate their core skills to thrive in an AI world and provide clients with the human touch to build long-term relationships.
Better Business Summit 2024
To hear more from Nick Abrahams about how brokers could thrive by adapting AI to increase efficiency while demonstrating their unique human qualities, come along to the Better Business Summit 2024.
It will be held in the following locations:
- Thursday, 15 February at The Star, Sydney.
- Thursday, 22 February at the Convention Centre, Adelaide.
- Thursday, 29 February at Hyatt Regency, Perth.
- Thursday, 7 March at Sofitel Brisbane.
- Thursday, 14 March at The Crown Melbourne.
Click here to book your tickets and don’t miss out!
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For more information, including agenda and speakers, click here.
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