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Choosing the right AI tools for you

When organisations are adopting new tools and technology, there has to be a clear business case for making the investment.

So as a seemingly endless number of Artificial Intelligence-based systems come on to the market, how can you work out which ones are best for you?

Well, here are a few questions you should ask yourself to guide your decisions.

What are your pain points?

Before adopting any new tools, it’s important to work out exactly what you want them for and what challenges you’d like to address.

For example, do you want to make repetitive tasks such as document verification quicker and simpler? 

Or are you looking to qualify leads, improve customer relationship management and get better, more actionable insights from your client data?

If you don’t think about what specific problem you’d like to solve, you risk picking a new tool just because it’s nice to have, and discovering that it has a minimal impact on your business.

Learn more: The best AI tools for mortgage brokers

What will it cost?

Many AI tools are free to use, but lots of enterprise-level solutions are subscription-based, with tiered pricing models.

You should therefore think about what you can realistically afford and what can offer the best returns on your investment.

It might also be worth signing up for free trials, so you can experience the platform firsthand, see whether it’s easy to use and assess how well it functions within your specific workflow.

You’ll then get a good idea of whether or not a particular tool is worth paying for.

Alternatively, you could start off by signing up for a basic plan, and if it works for you, decide if it’s worth scaling up at a later date.

Will sensitive data be secure?

As a mortgage broker, you’ll be routinely handling sensitive client information and be required to adhere to many rules and regulations, from GDPR to Consumer Duty.

So when you’re reviewing AI tools, you should see whether they offer robust security features, such as access limits and data encryption.

If you aren’t sure, ask the company that has developed or is selling the tool for more information, so you can be confident that any personal data will be handled safely, securely and in compliance with the law.

Learn more: GDPR Checklist: How Compliant Are You?

Will it integrate with your existing tech?

If you’re planning to roll out new technology across your business, opt for a solution that will integrate smoothly with your existing systems, such as your Customer Relationship Management (CRM) software.

You can then be confident that data will flow freely between different tools, which in turn will drive greater efficiency, streamline workflows and reduce the likelihood of errors creeping in.

It also means you can adopt AI-based tools more quickly, as members of your team can make use of AI functionalities within familiar software applications without having to get to grips with a whole new system.

You can increase the chances of seamless integration with your current technology by choosing tools that offer clear Application Programming Interfaces (APIs) and support for industry-standard data formats.

Learn more: How mortgage brokers can use AI with social media

When you’re making important business decisions, you’ll always be thinking about what you want to achieve, delivering good value and minimising any possible disruption.

So while AI might be the new buzzword on everyone’s lips right now, the thought process behind picking the right AI tools isn’t really anything new.

Remember the fundamentals of making decisions that affect your wider operations, and you’ll be in a strong position to make an informed choice that delivers the outcomes you want to see.

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