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Recent data from ASIC has shown that 63 per cent of Gen Z Australians are using social media for financial information, while 18 per cent are relying on AI tools to make financial decisions.
Speaking on Broker Daily Uncut, Finni brokers Costa Arvanitopoulos and Eva Loisance discussed how the shift reflects a broader change in how clients begin their property and lending journeys, with many arriving more informed – but not always accurately so.
Brokers agreed that accessibility does not equate to accountability. Unlike licensed professionals, social media personalities and AI tools are not responsible for the outcomes of the advice they provide.
Arvanitopoulos said consumers should be cautious about acting on information found online without verifying it through a professional.
“I’d be taking everything anyone says on any social media with a grain of salt,” he said.
“I wouldn’t believe something immediately and go implement it. Speak to an accountant or finance professional who would be able to give you proper financial advice that they’ve studied and know the industry and the policies.”
Similarly, Loisance said the broad and generalised nature of much online advice means it may not suit individual circumstances.
“It’s very generic what they’re talking about. It doesn’t apply to everybody,” she said.
“These financial decisions are not reversible, and then you’re screwed.”
Loisance pointed to property decisions as a key example, warning that poor guidance early on can have long-term consequences.
“If you go and buy an investment property, you will not be able to get all those first home buyer benefits ever again. It’s gone,” she said.
Broker Daily has also reported on the growing threat of AI in fraud.
Productivity and lead generation gains
However, brokers also acknowledge that AI and social media can play a constructive role when used appropriately, particularly in helping borrowers take the first step.
“I think it’s a great way to start, actually, to get ideas, to actually go to see a financial planner and ask the right question,” Loisance said.
“With a bit of knowledge already, a bit of understanding of what might be right for me. I can certainly set people on a path.”
Arvanitopoulos agreed and noted that these tools can help shape more productive conversations with brokers and advisers.
“There’s nothing wrong with that,” he said.
“Tech like this can sort of direct the discussion around what you’ve heard, and there’s nothing wrong with that.”
The growing reliance on digital tools is also influencing how borrowers search for brokers, with industry conversations increasingly shifting towards how professionals appear in AI-driven results and online platforms.
Broker Daily recently spoke to Better Business Summit keynote speaker Russ Easther about how artificial intelligence and large language models have reshaped the lead generation landscape.
“People have this incredibly powerful tool at their disposal, but don’t know how to use it,” Easther said.
“It’s like having a Lamborghini in the garage, but you are in the driver’s seat and don’t take it out for a drive.”
Additionally, Arvanitopoulos said AI is also starting to play a practical role in improving broker efficiency, particularly when navigating lender policies.
“Quickli, as most brokers will know for servicing calculators and that sort of thing, has brought out a new AI model called Jiffy,” he said.
“I’ve been using it quite a bit for policy questions, and it’s saving me a lot of time. You don’t have to constantly call the BDM, put a file on hold, wait for a response, or risk missing their call and delaying things until the next day.
“With Jiffy, you can have a conversation with it like you would with ChatGPT. If you’re asking about policy and one bank doesn’t fit, it can even suggest another lender that does.
“You can go into quite detailed responses with it, which I’ve found very helpful. It’s saving me a lot of time, and I’m absolutely loving it.”
Loisance added that AI tools are also helping brokers navigate the complexity of constantly changing lender policies.
“We can’t remember every single policy, and they’re constantly moving,” she said.
“It also gives us more authority, it’s not just me saying I’ve heard something and think it should be approved. It’s there, black and white, in the policy.
“That’s been really good from a broker standpoint, and I’m benefiting a lot from it.”
[Related: Brokers urged to address workflow inefficiencies]