How far can digital technology assist brokers?
There have been major developments in artificial intelligence that are helping bridging loan brokers, but how far could this concept go?
Many people, before approaching a broker about a bridging loan, search the internet for information. Some companies are researching how to use robots to provide financial advice. A report on Fortune.com in March 2017 said that some US financial brokers were concerned that artificial intelligence could replace their services in the future.
Research by Accenture Wealth Management found that what people want are services that combine humans and technology.
It is now possible for a loan application decision to be made online in a matter of minutes and funds transferred into a bank account soon afterwards. For most bridging loans, a human is still needed. Technology can make the process quicker, but does not replace human knowledge and experience.
Straightforward, formulaic financial advice could be generated by machines, but most bridging loans are more complex and require human advisors. Lending decisions are often made on an individual basis rather than following a strict set of rules that determine the outcome of a loan application.
For the next few years, robots will continue to assist financial services, but they will not replace humans. No doubt the bridging finance industry will continue to integrate plenty of technology, but it’s hard to imagine anything other than a human expert discussing your bridging finance needs, both because of the expertise they provide and the human touch customers prefer.