More than eight in 10 homeowners would not trust an artificial intelligence (AI) broker to assess their mortgage requirements, it has been revealed.
A survey by Boon Brokers found that 83.37% of respondents said they would not trust this type of technology.
It leaves just 13.6% of homeowners who would trust an AI broker to give suitable advice.
The survey also found that 27.8% of homeowners would never use an AI broker.
In addition, 92.8% believe that an AI broker would make more errors than a human broker.
The findings also suggested that 89.5% said they would only proceed with an AI broker’s product recommendation if the advice was checked by a human broker.
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Age differences
There is a significant spread of opinion between age groups, with 88.3% and 89% of those aged at least 65 and between 55 and 64 respectively saying they would not trust such technology.
This percentage falls significantly for younger age groups.
A total of 56.9% and 50.2% of those aged between 18 and 24 years old and between 25 and 34 years old respectively would not trust the technology to recommend a suitable product.
Welcoming AI in the mortgage industry
However, there are parts of the mortgage industry and journey where AI is being welcomed.
Earlier this year, the founder of mortgage broker group, Believe Money predicted that AI will make the market better.
It said this was due to improved efficiency and outcomes.
The group, which specialises in first and second charge mortgage advice, unsecured loans and protection, developed its AI-driven sourcing system Clicktech in 2018.
Clicktech has been tailored for the financial sector and is used across the Believe Money group to find suitable products for customers.
Ryan Wagstaff, group managing director of Believe Money, said: “The use of artificial intelligence and big data adopted by our sourcing system is a more robust and reliable way of understanding a client’s data and therefore their individual needs, which leads to a smoother and more efficient customer journey.
“The system uses big data and AI to retrieve data from sources such as UK Land Registry, customer credit files, open banking, using enriched customer data to provide the most personalised experience applied across a range of financial products, including mortgages, secured and unsecured loans, and protection.”
