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According to credit bureau Experian’s AI in Risk: The Rise of Agentic Commerce research, which surveyed 481 credit-active Australians, 59 per cent said they would feel comfortable with an AI agent applying for a loan or credit card on their behalf.
Respondents were most comfortable with allowing an agent to search for the best offer for them (81 per cent), while 62 per cent felt comfortable sharing personal information, including credit scores and bank statements.
A further 77 per cent of respondents said they would be comfortable with AI negotiating a better deal for them, 69 per cent said they would allow an agent to complete identity checks, and 68 per cent said they would accept a loan offer based on preset criteria.
AI to add value
Reacting to the survey, director of Canberra-based APC Home Loans, Aimee Bergan, told Broker Daily that while borrowers were becoming more comfortable with AI, they weren’t yet ready to allow a machine to take complete control of the mortgage process.
“A mortgage is such a significant financial commitment, and having a relationship with a trusted professional is still incredibly important,” she said.
With a record 81.6 per cent of home loans coming through the broker channel, Bergan added that AI was creating efficiency gains that flowed through from brokers to clients, rather than cutting the broker out entirely.
“Buying a home is also emotional. People still want someone they can pick up the phone and speak to, ask questions and even share the excitement with when they’ve bought their home. I don’t think technology replaces that,” Bergan said.
Similarly, Teressa Fisk, director of Your Finance Broker in Queensland, said that AI would strengthen the broker proposition and that its encroachment on some of a broker’s responsibilities formed part of a broader digitisation shift.
“Coming from a banking background where everything was paper based, including paper files and even in person settlements, I have already seen technology completely reshape the way we do business,” she said.
“AI feels like another stage of that evolution. If these changes improve processes, create efficiencies and make finance more accessible for our clients, I see that as a win. Brokers have adapted alongside technology for many years, and I think we will continue to do so.”
AI already changing the way we borrow and lend
Across large parts of the lending journey, AI is already playing a material role, rather than remaining a theoretical one.
Banks are already investing billions of dollars to integrate AI into their businesses.
The Commonwealth Bank of Australia (CBA), which leads its major rivals on the Evident Insights AI adoption ratings of global banks, said that it is investing $2.4 billion annually in technology and capability, $500 million more than its closest rival.
In its annual results report, the bank said around 80 per cent of staff were actively engaging with AI platforms, including ChatGPT Enterprise and Copilot.
Meanwhile, Westpac has confirmed that AI agents at the bank were processing upwards of 1.5 million transactions and more than 32,000 payslips every week.
In the broker channel, a range of AI-powered tools have come online in recent years, including Yellow Brick Road’s Nectaria, Mortgage Choice’s new tools, and Finsure’s anti-fraud systems.
On the borrower side, Fisk said she had noticed that most of her clients were using some form of AI-powered advice before speaking to her.
“I actually think that can be a positive because clients often come to the conversation having already done some research,” Fisk said.
“At the same time, most people seem to understand that AI can get things wrong, particularly when it comes to something as individual as lending, and they still want to nut out the finer details with a broker.”
The use of social media for financial advice is particularly strong among younger borrowers, so much so that the Australian Securities and Investments Commission (ASIC) has warned against over-reliance on AI and social media.
Bergan added that while AI had added efficiency to the broker channel, its use by borrowers so far had highlighted the continued need for brokers, given the patchy information it can provide.
“Clients certainly have access to more information than ever before, but more information doesn’t always mean the right information for their situation. That’s another reason I think the broker’s role remains important.”
Potential risks
Although Experian’s survey revealed a degree of comfort among Australian consumers with using AI in lending, trust, privacy, and consumer authority remained points of concern.
Data privacy emerged as a key concern, with 80 per cent of respondents worried about their personal information being accessed or misused. Meanwhile, 74 per cent said they would be more comfortable using an LLM connected to a financial provider they already trust.
“AI is still relatively unknown territory and, as with any significant technological change, there will be risks that we don’t fully understand yet,” Fisk said.
“One of the biggest concerns for me is consumer privacy and data security. Protecting client information is an incredibly important part of our business, and as AI becomes more integrated into financial services, this is something that will need to be continually monitored and strengthened to keep pace with growing data risks.”
Experian Australia and New Zealand CEO Andrew Black added that organisations have a growing responsibility to be transparent about how AI is using consumer data.
“As AI agents begin to support more parts of the loan application process, banks and lenders will need clear methods to confirm that an agent has permission to act for a customer,” he said.
“It is also important for banks and lenders to protect customers’ information and explain clearly what an AI agent is authorised to do on behalf of the customer.”
[Related: Brokers weigh impact as rate hike returns to table]
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