Finova claims AI application agent could save brokers 4,000 working days
Finova has launched a whole-of-market application service powered by artificial intelligence (AI), which it says will “transform” how brokers submit cases.
The AI agent is built around the strapline ‘stop keying in mortgage applications – just submit them in one click’ and aims to remove the need to manually key in data on UK lender portals.
Finova said brokers currently had to rekey customer information across multiple portals as part of the mortgage application process, but its AI agent will resolve this by capturing the information in the fact find and feeding it into lender portals.
Finova’s data suggests that brokers spend around 30 minutes for each application keying data into portals, which can change depending on how complex a case is, how many fields an application has or whether it is a decision in principle (DIP) or full application.
With brokers averaging around 30 DIPs per month, it said that adopting its AI application agent across the industry could collectively free up more than 4,000 working days for brokers each month.
The agent collects information directly from the broker’s CRM and fact find before automatically logging into lender portals using integrated password technology. It then enters the information into the correct fields and requests any missing data from brokers through WhatsApp or Slack. It is then able to return the completed application to the broker for final review and submission.
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Brokers nationwide can register to use the technology ahead of its beta launch in September.
The future of mortgages lies in intelligent systems
Gareth Richardson, CEO of Finova, said: “For too long, mortgage brokers have been burdened with repetitive administration, rekeying the same customer information across multiple lender portals instead of spending that time advising clients. Research shows that 37% of brokers believe better fact find technology would improve their workflow, underlining the need for a smarter, more connected approach.”
He said Finova believed the future of lending was in “intelligent ecosystems”, where information is collected once and shared across the mortgage journey.
“Our new AI broker agent brings that vision to life by removing unnecessary administration while ensuring brokers remain firmly in control of every application,” Richardson added.
He said this was “more than another technology enhancement, it represents a step change in how mortgage applications are completed across the UK market”.
Richardson added: “By removing repetitive administration, we’re enabling brokers to focus on what really matters, which is providing expert advice, building stronger customer relationships and delivering a faster, smoother mortgage experience.”
