It seems that everywhere you look in 2023, AI, or Artificial Intelligence, has found its way into all aspects of our lives. But where once ago, we associated AI with human looking robots in a sci fi film, we’re now realising its practical benefits in helping us to work smarter, faster and more efficiently. Still wondering what all the fuss is about? Then this guide is for you. Our aim is to demystify AI for mortgage brokers, showing you how to incorporate it into your daily tasks, without replacing the invaluable human element of your profession. Understanding AI: the basics AI involves machines (such as smartphones or PCs) or software (the IT programmes that help operate machines) mimicking human intelligence to perform tasks. In addition, these machines constantly collect information and use it to improve their output. A simple example is how AI can analyse online shopping habits and then suggest recommendations based on your previous searches and purchases. This technology can range from simple automated responses, such as a message that responds to a client enquiry, to complex problem-solving capabilities, such as analysing and predicting risk. Mention AI and most will have heard of ChatGPT. This is an example of an AI application, where you can type in questions and it will generate an answer for you. For instance, ‘create a 2-day itinerary for visiting London with teenagers’. But this is just one of many AI applications! Want to create a poster for your staff notice board? Need a calendar scheduling tool? Interested in writing social media posts for your LinkedIn page? There are AI applications which can do all of these tasks and more. The role of AI in the life of a mortgage broker It’s important to emphasise that AI cannot replicate or replace the expertise and personal touch of mortgage brokers, particularly when it comes to building client and lender relationships. However, it can significantly help brokers complete daily tasks. Here’s how: 1. Organising your diary: AI-driven tools can manage your appointments, remind you of important dates, and help you to prioritise tasks, ensuring you're always on top of your busy schedule. 2. Promoting your business: AI can analyse what’s happening in the market and consumer behaviours, such as providing you insights on popular loan values or the types of loans which are in demand. You can use these insights to tailor your marketing and advertising more A simple guide on how mortgage brokers can use AI today 14 WINTER MORTGAGE NEWSLETTER
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