Ifthikar Mohamad, director at WIS Mortgages and Insurance Services, explores how the mortgage industry is 'stuck in the past' and at how AI is changing that by making processes faster...

The platform detects early signs of financial distress and predicts risks to help financial institutions deliver personalised support.

The financial services sector is well positioned to harness generative AI, UK Finance says.

The Alexa-style tool gives brokers real-time answers to criteria-related questions.

Researchers asked the AI chatbot 100 finance-related questions, and its answers were reviewed by industry experts to confirm accuracy.

1 in 7 IFAs are already using AI in their practices, but the majority (64%) have no plans to.

The highest perceived benefits are in data and analytical insights, anti-money laundering (AML) and combating fraud, and cybersecurity. 

The AI chatbot answers criteria queries instantly from internal staff, brokers and customers.

57% say they’d like to enhance their compliance processes to use AI for the provision of suitable advice in the future.

Sam Oliver, founder of AI platform OpenFi, says that as the rate war intensifies, smaller and more agile brokers will need to embrace new technology to compete.