Welcome to the last magazine of 2024! I’m not going to join the chorus of those asking, ‘How is the year over already?’ Well, maybe I will. In my experience, this has been the fastest year yet.
And, while 2025 is, mind-blowingly, 10 years after the supremely tech-advanced ‘future’ of ‘Back to the Future 2’, most talk at the moment has indeed been around tech.
Artificial intelligence (AI) is a hot topic, which is reflected in this magazine. In conversation, a lot of the big fears are, as so often, of the unknown.
One thing is certain: mortgage brokers will never be redundant
As somewhat of a technophobe myself, it’s difficult not to fear something you don’t understand. But I’m keen to learn. The human touch will never be obsolete. The majority of consumers will want access to a human to guide them on their mortgage journey as there is still a lack of trust in ‘the machine’.
But if AI can make processes smoother and faster, we will have the best of both worlds.
There is no doubt that the next generation will live in a more tech-driven society. They already learn so much about it in school from a young age. While that is a positive thing, I recently read a report that found children are using AI to answer exam questions. There can be no disputing that this is a bad idea.
On the topic of education, it is surely time to ensure financial literacy is made more of a priority in schools. So many young people still have no notion of how to budget or what a mortgage is! These are lessons for life that should be learned long before you need to put them into practice.
There is still a lack of trust in ‘the machine’
As 2024 draws to a close, it was heartening to find 43% of respondents to our recent poll had had a better year than expected. However, it hasn’t been an easy one for many. There was optimism aplenty at the start, but things took a turn as the months went by. But in every challenge there are lessons learned.
And while we brace for another year with the eternal optimism we all need for survival, one thing is certain: mortgage brokers will never be redundant.
Wishing you all a peaceful and rejuvenating holiday period, and your best year yet in 2025!
This article featured in the December 2024/January 2025 edition of Mortgage Strategy.
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