Eight in 10 mortgage and protection brokers are highly engaged with artificial intelligence (AI).
This is according to a survey of 112 brokers conducted by mortgage, protection, and compliance services provider Paradigm.
The research shows 82% of those polled have used AI tools such as ChatGPT or Copilot in the last three months.
And while 75% of respondents said they understood how AI has evolved over the past 50 years, only 45% understood the difference between Open and Closed Data.
When asked to rate how their business is aligning with AI, brokers gave an average score of between 2.26 and 2.82 out of five across areas such as data governance, workforce readiness, and building an actionable AI roadmap.
Using AI in marketing strategies
However, fewer than 30% of firms said they were currently using AI within their marketing strategies, most commonly for content creation and ideas, design, or marketing analytics.
A large majority (87%) said they wanted to learn more about AI and how it could work for them, particularly in areas such as process efficiency, marketing, verification, customer experience and business development.
Richard Howes, director of mortgages at Paradigm Mortgage Services, said: “We thank everyone who completed the survey, which gives us great insight into the knowledge within our community around this subject.
“The fact that people want to know more about AI in all aspects of their business is really encouraging, and they see AI as something to walk towards rather than away from.
“Over the next few months, we’ll be producing information and guidance to help firms market their business using AI and large language models, while also helping them protect themselves from the bad actors who will inevitably seek to exploit this technology.
“Our goal is to ensure businesses can embrace AI safely, effectively, and profitably.”