The mortgage industry could be revolutionized by new technologies like generative artificial intelligence (AI), according to fintech provider FIS. AI, particularly in the form of chatbots, has already made significant changes to how people interact with AI. AI has also been effective in automating processes in the mortgage lending process, extracting relevant data from applications and making lending decisions. However, there are concerns about the impact of AI on industries such as finance, with many organizations planning to ban generative AI tools due to fears of privacy breaches, cybersecurity issues, data security, and job loss. Despite these concerns, there are many benefits to digital technology in the mortgage industry. Technological investments have digitalized many processes, driving broker market share and aiding brokers in managing their workload. Generative AI can assist brokers in various ways, from providing feedback on credit applications to financial analysis and fraud detection. Additionally, generative AI can improve processes and help brokers understand their customers better. However, it is important to recognize that the human touch, including empathy and emotional intelligence, is still essential in the mortgage industry.
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