Mortgage technology provider Monicio has launched an AI-powered CRM designed to automate administrative work while leaving advisers responsible for advice and client relationships.

The platform uses artificial intelligence and workflow automation for tasks including document review, identifying missing information, supporting completion of fact finds and following up with clients for outstanding paperwork.

Monicio’s approach is based on using AI to reduce the amount of repetitive work surrounding mortgage cases rather than seeking to automate the advice process itself.

FROM DATA ENTRY TO REVIEW

The company said information required for a mortgage fact find may already be contained in documents and communications including payslips, bank statements, identity documents, emails and previous conversations with clients.

Its technology can analyse information available during the client journey and use it to support completion of relevant sections of a fact find. The intention is to shift more of an adviser’s work from entering information to reviewing and confirming it.

Automated workflows can also identify documents that remain outstanding on a case and contact clients, reducing the need for advisers or administrators to carry out manual checks.

Ifthikar Mohamed, director of Mortgage AI Toolkit, said: “There is a lot of conversation about whether AI will replace mortgage advisers. I think that misses the immediate opportunity.

“We should first be asking why highly qualified advisers are spending so much of their working day doing tasks that technology can assist with.

“AI does not need to replace the adviser to completely change the economics of a mortgage business. It simply needs to give advisers more of their time back.”

ADVISERS RETAIN RESPONSIBILITY

Mohamed said the distinction between automating administration and automating advice will become increasingly important as the use of AI expands across financial services.

He said: “The adviser remains responsible for understanding the client’s circumstances and giving appropriate advice.

“What we are trying to automate is everything unnecessarily sitting around that.

“Document handling, repetitive data entry, administration and routine follow-ups should increasingly be handled by technology.

“That gives advisers more capacity without requiring them to work longer hours.”

Monicio said mortgage firms should assess AI according to the time and capacity it releases rather than the number of AI functions offered by a system.

Mohamed added: “The best AI may eventually be the AI advisers barely notice.

“It should simply be working in the background, keeping cases moving and reducing the number of administrative tasks requiring human attention.”

Monicio has been developed specifically for mortgage firms, brokers and advisers, combining case management with document analysis, fact-find support, automated workflows and integrations with specialist mortgage technology.