Finova will launch AI-powered software that will allow brokers to submit applications with one click, without the need to re-enter them.
The tech company said its soon-to-be-launched AI agent will ensure that brokers do not have to re-enter customer information multiple times on individual lenders’ portals as part of the mortgage application process.
Instead, AI will ensure that brokers can use the information gathered during the fact-finding process to apply directly to any lender application portal available in the UK.
According to Finova, the selling points of this are less duplication of effort, less human error and the fact that advisors can spend more time with their clients.
The tech company said brokers currently spend about 30 minutes per application entering customer data into lenders’ portals.
The technology will be available in beta form via Finova’s Broker Hub website from September 30 and brokers can register for it now.
The AI agent collects customer information directly from the broker’s CRM and compiles facts.
It then automatically logs into lender portals using integrated password management technology and fills in the relevant fields.
Any missing information is reported to the broker via channels such as WhatsApp or Slack.
The completed application is then returned to the broker for final review and submission.
Gareth Richardson, CEO of Finova, said: “For too long, mortgage brokers have been burdened with repetitive administration, re-entering the same customer information across multiple lender portals rather than spending that time advising customers.
“At Finova, we believe the future of lending lies in intelligent ecosystems where information is captured once and flows seamlessly throughout the mortgage journey. Our new AI broker brings that vision to life by removing unnecessary administration while ensuring brokers maintain full control over every application.”