Broker views on how artificial intelligence will affect their work could not be more schizophrenic – with large numbers saying it will boost business, while others fear it will take their jobs.  

HSBC’s latest Broker Barometer says that seven in ten brokers “are either already integrating AI into their businesses or planning to do so”. 

HSBC head of intermediary mortgages Chris Pearson argues that the AI “transformation” in how the technology is changing broker workloads from document verification to marketing is “already underway”.

Pearson says: “Take document verification — a traditionally time-consuming task that can now be handled in seconds using AI-powered systems, significantly reducing delays and improving accuracy.” 

He adds: “Even in marketing and admin, AI is making its presence felt. There are plenty of AI tools and assistants able to help brokers quickly draft client letters, create social media content, and maintain regular contact — tasks that are vital but often neglected due to time constraints.” 

However, another poll earlier this month found that over half of mortgage intermediaries fear that the technology could cut back on the need for human workers in this area. 

This survey found 54.5% of brokers are worried about this prospect in a poll by customer reviews site Smart Money People. 

It added that more than 40% of brokers say they have no plans to adopt AI tools into their business.  

The report also said that just one in eight brokers currently use AI in any part of their advice process, with most seeing “it more as an admin tool than something that can support client advice”.  

Brokers are also split, the survey said, on how comfortable they are with AI influencing lending decisions, the poll adds.  

Only 6% said they feel “very comfortable” with AI being involved, while nearly 40% added that they are either “uncomfortable” or “very uncomfortable” with the idea. 

But HSBC’s Pearson argues that the role of AI will be to service broker needs. 

He says: “This isn’t about replacing brokers with machines. It’s about using technology to do the heavy lifting, so brokers can focus on what they do best — building relationships and offering trusted advice.  

“As adoption continues to grow, firms that fail to explore these tools risk being left behind — both in efficiency and client expectations. 

“AI is no longer optional,” Pearson adds.