A Mortgage Strategy technology feature highlights a document-handling tool that read statements, identified missing information, chased clients and packaged cases. In a six-week trial it reportedly processed roughly four out of five cases end-to-end, with the remaining cases requiring human involvement.
The lesson for adviser firms is not simply to adopt AI, but to define the questions that matter before procurement: which documents and customer types work reliably, what is the error rate, how are exceptions escalated, and what evidence is retained for file checking and audit? The greatest operational gains may come from reducing repetitive data entry and document chasing rather than automating suitability decisions.
Practical controls:
- Keep advisers accountable for affordability, product suitability and client communications.
- Test tools against complex cases, including self-employed income, gifted deposits and portfolio landlords.
- Set data-security, retention and human-review requirements before deploying client information.