Artifical Intelligence (AI) is often misunderstood in the mortgage sector.
Many see it as an intimidating leap into uncharted territory, surrounded by fears of high costs, security risks, and a potential loss of the human touch that’s so central to the broker-client relationship.
However, the reality couldn’t be more different.
AI isn’t about replacing brokers; it’s about empowering them, enabling a level of efficiency, accuracy, and cost-effectiveness that traditional processes simply can’t match.
At Sikoia, we recently partnered with One Mortgage System (OMS) to host a webinar aimed at addressing these misconceptions head-on.
The session explored how tailored AI solutions can transform document-heavy workflows, enabling brokers to spend less time on admin and more on delivering exceptional client service.
Misconceptions highlight opportunities
During the webinar, live polls provided valuable insights into the challenges brokers face when considering AI adoption.
The results revealed that 62% of brokers cited concerns such as lack of confidence, security fears, and uncertainty about where to start.
Additionally, 57% identified accuracy as a key concern, while 21% pointed to cost as a significant factor.
These findings highlight common misconceptions and the need for greater education about the tangible benefits AI can deliver.
Rather than viewing these results as barriers, they highlight opportunities for education and reassurance.
The truth is, many fears stem from outdated perceptions of AI.
Today’s solutions are smarter, more secure, and more cost-effective than ever before.
The idea that AI requires a complete overhaul of systems is a common misconception.
At Sikoia, we’ve designed our tools to be intuitive, allowing brokers to adopt AI gradually.
By starting small—perhaps automating document checks or data extraction—brokers can build confidence, witnessing the benefits firsthand without the need for technical expertise.
Security you can trust
Security and privacy concerns are valid, but they’re also surmountable.
Our integration with OMS is built on enterprise-grade security frameworks, ensuring that sensitive client data is safeguarded at every step.
Brokers can trust that their clients’ information is protected, meeting compliance standards while maintaining peace of mind.
Raising accuracy and cutting costs
One of the most persistent myths about AI is that it lacks accuracy compared to human processes.
In reality, our solutions outperform manual methods, drastically reducing errors through real-time data extraction and automated checks. Accuracy isn’t just a promise—it’s a measurable outcome.
Cost is another area often misunderstood.
While implementing AI may seem like a significant investment, the long-term savings far outweigh the initial costs.
By reducing manual review times by up to 75%, our tools free brokers to focus on higher-value tasks, proving that AI isn’t just cost-effective—it’s a revenue enabler.
Empowering brokers, enhancing client relationships
The heart of the mortgage process will always be the relationship between brokers and their clients.
AI isn’t here to disrupt that; it’s here to enhance it.
By taking care of administrative burdens, brokers can dedicate more time to understanding their clients’ needs, providing personalised advice, and building stronger relationships.
Looking ahead
The mortgage industry is at a crossroads.
Those who embrace AI will gain a competitive edge, leveraging greater efficiency, lower costs, and improved client outcomes.
Those who hesitate risk falling behind in a market that’s evolving rapidly.
At Sikoia, our mission is to demystify AI and provide brokers with tools that deliver tangible benefits.
Together with OMS, we’re bridging the gap between innovation and adoption, setting a new standard for the role of AI in the mortgage industry.
The future isn’t about choosing between technology and relationships—it’s about combining the two to create a better, more efficient, and more client-focused industry.
Stephen Simmons, co-founder and chief data officer at Sikoia
