Nearly 82% of mortgage brokers have used ChatGPT or other artificial intelligence tools within the past three months, new research has found.

The survey, by Paradigm, revealed that almost 87% of advisers want to learn more about how to use AI in their business.

However, less than 30% of firms reported they were using AI in their marketing strategies.

Other findings point to room for improvement on technical issues, as only 45% of respondents felt they understood the difference between open and closed data.

When asked to rate how their business is aligning with AI on a scale of one to five, brokers gave average scores of less than three across all areas, including data governance, workforce readiness and building an actionable roadmap.

Paradigm plans to work closely with its lenders and brokers to develop more training to help firms implement AI responsibly.

Mortgage services director Richard Howes says: “The fact that brokers 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.”

OSB chief credit and money laundering reporting officer Richard Wilson says: “As we move into a new era of complexity, the use of technology is both a force for change but also enables bad actors to play more effectively in our markets. 

“The key for the broker and lending community is to be attuned to the new AI risks and benefits that stand in front of us. 

“Authenticating the information you receive is crucial, as is ensuring the techniques you use to summarise or explain data are safe, trusted, and understood.”