Recent adviser research from Nottingham Building Society underlines the appetite for greater use of technology across the mortgage process. The vast majority (89%) of advisers said they wanted to see technology used more widely to help streamline the process, while a similarly high proportion believed lenders were already using it effectively to support brokers and improve the client experience.
We have come a long way. Not so long ago some advisers were wary about advancements in technology and whether it would actually help them do their jobs. The conversation has advanced since then, to the point that we are now asking more pointed questions about how technology can deliver for us, and our clients, rather than if it can be used at all.
ASKING THE RIGHT QUESTIONS OF AI
AI is perhaps the obvious big development when it comes to technology over the last few years, and we are starting to see its use become more prevalent across the industry.
AI is an area we have focused on at Rosemount – back in 2024 we hired an AI expert as a full stack developer, with the idea of overseeing the development of AI-powered tools, and these are starting to come to the fore.
In recent weeks, we have launched two such tools, one to assist in assessing financial promotions submitted by our advisers, and another to support dealing with ceding scheme providers.
The tools have been designed alongside our advisers, which I think is what’s most important for any business looking to utilise AI more effectively. It’s not necessarily about stretching the AI’s capabilities to its maximum, but more about pinpointing where the pressure points are for users, and how a well-positioned tool can make a difference.
The Nottingham research highlights understandable scepticism among advisers on AI. While a third (33%) said they were comfortable with greater use of AI or automation in the application process, one in five (20%) stated their belief that the technology would not have a meaningful positive impact on the process.
The coming months and years will inevitably see all sorts of new interactions and integrations with AI across the advice world. But it’s the tools and processes which have been built with adviser guidance, and with a clear problem in mind, which will be the ones which make the biggest difference for advisers on a day-to-day basis.
TECHNOLOGY FOR TECHNOLOGY’S SAKE
Ultimately, we can’t simply look to technology – and specifically AI – to solve all of the issues and hurdles within financial advice, without a lot of thought going into precisely how it can be utilised.
Similarly, we need to recognise that without being careful around how this technology is used, there is a danger it can land advisers, and by extension our clients, in hot water.
To go back to the subject of financial promotions, it has been concerning to see some of the content posted on public forums by advisers who have not been sufficiently discerning in their use of AI. It’s not enough to simply throw together a few prompts into ChatGPT and assume it will be OK, yet that has clearly happened in some cases.
The resulting financial promotions have been troubling, not just for the individual advisers, but for all of us who care about advice itself.
This lack of rigour can not only lead to the ire of the regulator, but potentially contribute to poorer outcomes for clients. We all have a responsibility to call out the improper use of technology when it puts our clients at risk, and damages the reputation of the industry.
HELPING RATHER THAN REPLACING INDIVIDUALS
When I look at the way financial advisers, and businesses like ours who support them, use technology, it’s incredibly exciting. The tools in use today are helping advisers deliver a more robust and rounded service to their clients, while networks like Rosemount are developing systems which take some of the burden off adviser shoulders.
But, as the Nottingham research makes clear, there is some scepticism – and some of it well-founded – over whether the promised technology developments will actually result in tangible improvements.
In the end, clients trust advisers as individuals. We need to ensure the way we use technology supports the building of that trust, rather than erodes it.
