Clients of mortgage brokerage Finvest appreciate its use of artificial intelligence technology in the onboarding and client management process, its founder has said.
Tanvir Faisal, who runs the London-based broker, says technology has helped immensely in cutting down admin tasks and shortening the time it takes to get deals over the line.
"The main point of using tech, or AI, is to give us speed," he says. "We try to use technology alongside our human intelligence in a way so that tech can help us to [speed up] the procedures of mortgage [applications]."
Over the past year Finvest ran a trial with an AI tech provider, which saw several functions moved to an app, including ID checks and e-signing.
It also saw a computer take over document collection from clients and give ongoing nudges for them to submit outstanding items. An open banking option was available too for clients who wished to use it.
And clients welcomed the change, Faisal says. "If something helps them to make their mortgage application quicker definitely they would appreciate it and they're appreciating it. [After a 1-year trial] we can see the customers really embraced that."
But despite recent reports that AI-powered technology has managed to attain the UK mortgage advice qualification, Faisal does not think robos will ever fully replace human advisers. Though he can see them give the simplest form of mortgage advice in future, he says.
To hear more about Finvest's use of AI and Faisal's outlook on the future of tech in the mortgage market, click on the image above.
carmen.reichman@ft.com
