It’s been less than two years since ChatGPT burst onto the scene, and since then the growth of artificial intelligence (AI) has been exponential across many aspects of our daily lives and in the mortgage and finance broking industry.
In light of this technological evolution, the Mortgage & Finance Association of Australia (MFAA) has provided clear guidance for the mortgage and finance broking industry on the use of AI in its latest discussion paper released today.
The paper, titled Embracing the future: Towards the safe and ethical use of AI for the mortgage broking industry, was informed by research carried out by the MFAA, which included roundtables held nationwide and attended by over 75 MFAA members.
The paper explores the transformative potential of AI technologies for broking businesses while also addressing critical issues relating to ethics, compliance and consumer protection.
“The emergence of AI gives brokers the opportunity to adapt and improve their business and client experience like never before,” said MFAA CEO Anja Pannek.
Ms Pannek added that the adoption of AI will also require consideration of guardrails to ensure the trust and confidence that brokers have built with Australian consumers and business owners is maintained and continues 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 explained.
“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.”
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.
Among the core themes and observations that emerged from the MFAA’s roundtables was that while many mortgage and finance brokers are increasingly adopting generative AI in their businesses, they also have concerns in relation to privacy, bias, accountability, and the ethical implications of AI use.
“These insights clearly highlight the need for industry guidance on the safe and ethical use of AI,” said Ms Pannek.
Another clear theme emerging from the roundtables was that while brokers are keen to take advantage of the opportunities AI offers to remove mundane tasks and improve efficiency, how they work with their clients, maintaining and retaining the human element of broking and the client interaction will be essential.
Ms Pannek echoed this sentiment stating: “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.”
