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Brokers who snub AI today will be obsolete tomorrow so the industry needs to adapt fast or get left behind, says Julian Fayad from brokerage and loan comparison platform LoanOptions.ai.
The mortgage and lending industries have long been burdened by slow, manual processes, endless paperwork, and a lack of transparency. That’s what drove me to found LoanOptions.ai in 2020. I was tired of seeing customers delayed, brokers burnt out, and financially vulnerable Australians getting worse outcomes simply because the systems we relied on were outdated. Something better had to exist. I wasn’t the only one who saw the need for change. But I felt a real responsibility to help lead it with my unique background starting in web and app development before moving into finance broking.
While many in the industry continued to accept the status quo, a new wave of fintech innovation emerged to solve the pain points brokers and borrowers had long faced. From automation to smarter approvals and greater transparency, the goal has always been the same: to make finance faster, fairer, and more accessible.
The tools born out of this movement, particularly AI, are not here to replace brokers. They exist to empower them. It’s very important that our industry doesn’t feel threatened by technology and AI but also does not underestimate what it can achieve for businesses and the industry at large.
But lately, I’ve noticed a concerning trend. Brokers proudly repeat that “we hold 76 per cent market share” and that “AI could never do what a broker does”. Don’t get me wrong, I am incredibly proud to be part of this industry and I’ve used that stat too. However, this mindset is dangerous. It’s the same type of complacency that leads industries to stagnate and get disrupted. If we don’t evolve, we risk losing everything we’ve worked for.
Taxi drivers took their monopoly for granted, BlackBerry doubled down on physical keyboards, Blockbuster doubled down on in-person DVD hire when people really loved and romanticised visits to the video store. They did not love the visits more than they loved the convenience, personalisation, and curation of on-demand streaming platforms like Netflix.
The big banks are not asleep at the wheel. While some brokers hesitate to invest in a $50 tech subscription, the majors are investing hundreds of millions in AI-driven proprietary channels. They know that speed and convenience win loyalty. Consumers today expect same-day approvals, digital experiences, and transparency from the very first interaction.
Relationships are important, but they are not everything. People once said they’d never do their banking online because they liked their banker. Look at us now. People value great outcomes and great experiences.
As far as what AI can do today, that’s not even the question. What requires our careful attention is where it’s heading next and the pace at which it’s getting there. Don’t ask yourself what this year looks like. Instead, ask what finance broking will look like in five to seven years and start building towards that.
The rise of agentic AI – where machines increasingly perform decision-making tasks traditionally managed by humans – will lead to even greater efficiencies in underwriting and loan management. Think about having AI agents that take care of each function of a traditional broking business: AI agent broker support, settlement officers, submissions teams, credit experts, property data researchers, and more.
Artificial general intelligence (AGI) and quantum computing are on the horizon and they will change the very fabric of financial services. All of this isn’t about eliminating brokers; it’s about enabling them. With the right technology, brokers can focus on the 20 per cent of deals that are ultra complex, nuanced, and truly benefit from their expertise. Meanwhile, automation can handle the 80 per cent of transactions that follow predictable, rules-based workflows.
I predict that within five years, the majority of straightforward finance transactions will be AI-led. But the broker won’t disappear. Instead, their role will shift to where it matters most.
But this shift won’t be without its growing pains; embracing new technology always comes with a learning curve. But we must stay focused on the goal: making lending faster, smarter, and more accessible while keeping brokers at the heart of the customer experience.
The real challenge is not the technology itself but how willing we are to evolve with it. To put it bluntly, if brokers don’t start adopting and integrating the technology that is available to them into their workflows, they will lose their edge. The banks will outpace them.
The brokers who embrace AI and use it to enhance their service and efficiency will be the ones leading the industry forward. Those who resist change may be left wondering where it all went wrong.
Technology adoption is like surfing a wave. If you’re too early, you won’t catch it. If you’re too late, you’ll wipe out. Right now, we are on the crest of something massive. For brokers who lean in, learn, and build alongside AI, the future is not only safe, it’s thriving.
This industry has given me everything and I will do everything I can to protect and advance it. But that starts with being honest about where we are and where we need to go.
We don’t need to overhaul everything overnight, but we do need to start moving in the right direction. The opportunity is here; let’s make the most of it and keep our dominance.
Julian Fayad is the founder and CEO of LoanOptions.ai
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