Broker value proposition remains strong in the face of AI

Just 6 per cent of borrowers would use AI to research and compare mortgage options, revealed the Consumer Pulse survey by Agile Market Intelligence.

Brokers remained the top option for nearly a third (32 per cent) of respondents, while a further 28 per cent would rather deal directly with a lender.

Another 21 per cent of respondents said they’d rather do it themselves, utilising comparison sites and search engines to pick a product.

“The mortgage broker preference shows consumers value independent expertise and choice when making one of their biggest financial decisions,” said Michael Johnson, director of Agile Market Intelligence.

The results prove consumers are hesitant to leave important financial decisions to AI.

This reinforces the broker value proposition as many borrowers see their broker as a trusted adviser, not just a loan processor.

“The resistance to AI in loan research isn’t about technology capability, but about trust in high-stakes decisions. When it comes to mortgages, consumers want human accountability and the ability to ask questions, negotiate, and receive personalised advice that considers their unique situation,” Johnson added.

These themes were discussed in a recent episode of Business Accelerator. “The consumer wants more from us,” said co-host Jason Back.

“They’re looking to us for financial lifestyle guidance beyond looking at just their residential mortgage. [They’re after] asset finance, commercial, SMSF, what it looks like for transition to retirement. They want so much from us.”

This shift means clients are no longer just asking brokers to facilitate a loan. They are looking for holistic financial lifestyle guidance that looks at their entire balance sheet – from mortgages and car loans to investments and even those recurring subscriptions that impact servicing.

While AI adoption is growing, with borrowers and brokers leveraging systems to drive efficiencies, the need for expert and trusted advice remains uniquely human-driven.

[Related: How to future-proof your brokerage by putting the customer first]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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