Agents of change
As banks chase efficiency and direct customer relationships, AI agents are emerging as a possible lever for transforming lending, advice and digital commerce.
All the major banks are looking to increase the share of home lending they undertake directly rather than via brokers. The reason is simple: mortgage margins are coming down, and broker commissions erode returns.
But borrowers prefer brokers, with 75% of all home loans originated through them. To win back direct customers, banks need a superior offering — specifically, a seamless, digital loan process at the best price. (Macquarie Group and smaller banks remain committed to brokers because they lack sufficient branch networks.)
According to S&P Global, artificial intelligence — and increasingly, agentic AI — will be central to that digital transformation. “AI can help with the application, it can help with creating data and help your assessment, help with the interaction with customers,” said S&P director of financial institutions ratings, Nico de Lange, at a recent seminar.
While generative AI can source data and provide material, the key advantage of an AI agent is its ability to take that information and complete actions, including handling back-and-forth inquiries and clarifications, potentially faster than a broker. Borrowers seek out brokers to undertake all that administrative hassle and loan comparison.
