It might have taken you over 100 hours to learn all of CeMAP, it took me plenty of time, but Ava took seconds.
Ava belongs to SPF Private Clients. She is not a mortgage adviser but a chatbot – powered by IBM’s Watson artificial intelligent computer. The latest chatbot has consumed the CeMAP textbooks in seconds and knows everything inside them. It can now give information and advice, of a fundamental nature, to potential clients on their mortgage and house purchase, freeing up advisers’ time to spend with client’s needs.
Nationwide Building Society also has one called Arti.
Don’t you love the cute names?
Arti is also powered by Watson and will answer queries from clients and issue a decision in principle and escalate complex enquiries to humans when needed. The artificial intelligent machine will learn every day; it will grow more capable each day and will work 24 hours, seven days a week.
The future is already arriving in the mortgage sector, and the message to all mortgage advisers and brokers is to prepare yourself. These machines work alongside real advisers, they may replace them for essential queries, but the secret is to learn to live with them, to help you give your clients excellent advice.
A pal of mine works in the US as a brickie but now operates a tablet which controls a brick laying robot machine which can lay thousands of bricks a day. My pal is far more productive.
In the future advisers will be able to spend time with more clients, because they’re freed of mundane tasks and enquiries.
- Car mechanics now operate computers to fix cars rather than hoisting them onto a loader and removing the engine to diagnose problems. Again they’re more productive.
- I can clean my house in seconds by switching on my robot vacuum cleaner.
- I can train hundreds of students simultaneously using online video of myself at the whiteboard. I’m more productive and can spend valuable one to one time coaching students with their career questions.
The future of mortgage advising is already here.