Artificial intelligence, open finance, smart data and fraud are set to dominate the mortgage technology agenda, reflecting a market in which quicker data flows can improve advice but can also create new financial-crime and operational risks. The FCA’s latest findings on money mules reinforce the need for firms to identify suspicious activity early, before funds move through multiple accounts.
For mortgage and protection firms, AI has potential to reduce administrative work in document triage, affordability preparation, case updates and vulnerability prompts. However, tools handling client data need robust oversight. Firms should focus on:
- Human review of AI-generated outputs and client communications;
- Data-minimisation, access controls and supplier due diligence;
- Clear audit trails for advice, suitability and Consumer Duty evidence;
- Staff training on impersonation, deepfake and social-engineering fraud.