Over four in five (81.7 per cent) brokers have used AI tools, such as ChatGPT or Copilot, in the past three months, research from Paradigm has revealed.
The research, which surveyed brokers on their AI usage and understanding, discovered that, while brokers are increasingly engaging with AI tools, many would welcome more support, training, and guidance on how to safely and effectively integrate AI into their business.
While 75 per cent of respondents said they understood how AI has evolved over the past 50 years, only 45.1 per cent said they understood the difference between open and closed data.
Paradigm said these two findings suggest strong foundational knowledge with some technical knowledge gaps.
Paradigm Mortgage Services director of mortgages, Richard Howes, said: “The fact that people want to know more about AI in all aspects of their business is really encouraging, and they see AI as something to walk towards rather than away from.
“Over the next few months, we’ll be producing information and guidance to help firms market their business using AI and Large Language Models, while also helping them protect themselves from the bad actors who will inevitably seek to exploit this technology.
“Our goal is to ensure businesses can embrace AI safely, effectively, and profitably.”
When asked to rate how their business was aligning with AI, brokers gave an average score of between 2.26 and 2.82 out of five across areas such as data governance, workforce readiness, and building an actionable AI roadmap.
Just 30 per cent of firms said they were currently using AI within their marketing strategies, most commonly for content creation and ideas, design, or marketing analytics.
Meanwhile, a large majority (86.75 per cent) of respondents said they want to learn more about AI and how it could work for them, particularly in areas such as process efficiency, marketing, verification, customer experience, and business development.
Paradigm said that this highlighted the need for practical guidance and training across various business functions.
OSB chief credit and money laundering reporting officer, Richard Wilson, added: “As we move into a new era of complexity, the use of technology is both a force for change but also enables bad actors to play more effectively in our markets.
“The key for the broker and lending community is to be attuned to the new AI risks and benefits that stand in front us.
“Authenticating the information you receive is crucial as is ensuring the techniques you use to summarise or explain data/information are safe, trusted and understood.”
tom.dunstan@ft.com
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