Mortgage advisers have no choice but to embrace technology to survive, a former broker has warned.
Speaking at MIT Live in London yesterday, participants discussed the challenges mortgage companies face as artificial intelligence continues to develop at a rapid pace, reshaping the market.
“Digital transformation is no longer optional, it is necessary,” said Carl Griffin, founder of JammJar, who previously ran his own brokerage firm.
He said advisers were better placed to become homebuyers’ key trusted professionals than estate agents and conveyancing companies, but the biggest threat would come from elsewhere.
“I support the broker in this competitive triangle to have a better chance of owning the relationship with clients,” he said.
“However, that is not what we are competing with, because now we think about it in a different language.
“Who would win between a mortgage broker, a bank, a neobank, like Monzo, and an AI model?”
Griffin explained how he already uses Instinct’s AI agent to help manage his day-to-day tasks, and that in the future, borrowers may trust this type of digital assistant to arrange their next mortgage.
