How AI is Transforming Mortgage Brokers and Credit Unions

The financial services industry is in the midst of a digital revolution, and artificial intelligence (AI) is at the heart of this transformation. The 2025 MIT Report on the State of AI in Business, titled The GenAI Divide, highlights how businesses are adopting AI tools at an unprecedented rate, yet only a small percentage are seeing measurable results. This presents a unique opportunity for mortgage brokers and credit unions to not only explore AI but to apply it in ways that drive real business value.

The “GenAI Divide”: A Wake-Up Call for the Industry

A key finding from the report is the “GenAI Divide.” While more than 80% of businesses are experimenting with AI, only 5% report achieving measurable business value. So, what’s causing this disparity? According to the report, the root of the issue lies in misalignment between AI tools and business processes. Many organisations treat AI as a catch-all solution without tailoring it to specific operational needs. The result? AI is underutilized, and its potential is not fully realized.

For mortgage brokers and credit unions, this is an important lesson. Simply adopting AI won’t yield results unless the tools are integrated into existing workflows in a way that enhances daily operations. Mortgage brokers and credit unions need AI solutions that align with their unique needs, whether it’s automating document verification or improving compliance checks. AI should support the team’s tasks, not disrupt them.

Key AI Benefits for Mortgage Brokers and Credit Unions

For mortgage brokers, AI has the potential to dramatically improve operational efficiency. The 2025 MIT Report highlights how early adopters have reduced back-office workload through automation, especially when it comes to tasks like document processing and credit scoring. AI-powered tools can scan documents, assess credit risk, and offer product recommendations in real time, freeing brokers to focus on client relationships. By streamlining these routine tasks, brokers can manage more clients without sacrificing service quality.

For credit unions, AI can offer significant advantages in risk management. The report suggests that AI-driven tools can help financial institutions evaluate creditworthiness more accurately by analyzing large amounts of financial data. This not only supports better decision-making but also improves compliance by ensuring that all required checks are carried out efficiently. AI can help credit unions detect potential risks earlier, reducing the likelihood of defaults and improving overall financial stability.

Embracing AI Through External Partnerships and Customisation

Another critical takeaway from the 2025 MIT Report is the importance of partnerships with AI vendors. The report found that businesses that successfully implemented AI were those that worked with external experts who could customize solutions to their specific needs. Mortgage brokers and credit unions should consider partnering with AI providers who specialize in their sectors. This approach ensures that AI tools are not only integrated seamlessly but also tailored to the specific challenges faced by the organization.

Looking Ahead: The Future of AI in Financial Services

AI is not just a buzzword in financial services; it is a tool that can drive real operational improvements. The 2025 MIT Report shows that businesses who strategically align AI with their objectives are seeing tangible benefits, such as cost savings and improved customer service. Mortgage brokers and credit unions that embrace AI, customise it to their workflows, and partner with the right vendors will be well-positioned for success in the coming years.