Artificial Intelligence (AI) is a revolutionary new marketing tool for the mortgage industry – but it is not a panacea and will not replace the human crafts and relationships which are key to the sector.
That was the conclusion of a panel of experts, including bClear CEO Debbie Staveley, brought together for a Mortgage Marketing Forum webinar to discuss the impact of AI on mortgage marketing strategies.
Debbie was joined on the panel by Paul Wreford Brown from Embrace, Rob Flint from Tinderflint and financial services marketer Natalie Moreno.
The webinar heard that while traditional AI has already been adopted into our everyday lives through targeted ads and personalised recommendations, generative AI is the new wave which has recently exploded into public consciousness through its ability to create realistic images and easily accessible text through ChatGPT, opening new possibilities for most sectors, including marketers.
The panel discussed how AI offers opportunities to gather demographic information for effective audience targeting and segmentation to create relevant, personalised content. There was agreement that AI can be a useful tool for drafting campaign ideas, headlines and remodel articles for different mediums. However, members pointed out that it’s also essential to establish personal guardrails since AI tools lack regulatory guidelines and can carry biases and misinformation. Marketers have a responsibility to critically evaluate the relevance and accuracy of AI-generated content.
The webinar heard that search engines like Bing and Google are incorporating AI to enhance their results. As a result, marketers need to adapt their strategies to address the increasing prevalence of question-based searches. Content should be optimised to be helpful and informative. Factors like expertise, authority, trust, and user experience (EEAT) are prioritised by search engines. While AI tools can assist in generating content ideas, marketers must find ways to differentiate themselves by leveraging their expertise.
The panellists also discussed the potential threats and limitations of AI. Although AI can speed up processes, it cannot replicate the craft and value added by humans. Copyright issues and the legality of selling AI-generated content should also be considered. AI should not be solely relied upon for creating original content, such as press releases and articles, its strengths lie in summarising data, refining titles, and translating content for different outlets. And, as AI-generated information is often based on data from before 2021, it can be outdated and not helpful for things that look forwards such as predictions and strategies.
Maintaining a human touch in mortgage marketing was emphasised by the panellists. Building trust, relationships, and effective communication are key. While AI can enhance efficiency, marketers must add value through emotional intelligence and personalised interactions. Understanding customer needs and preferences, adapting communication styles, and building rapport is crucial for success. AI should be viewed as a tool that assists in specific tasks but cannot replace the human element.
The Mortgage Marketing Forum shed light on the opportunities and challenges presented by AI in the industry. Marketers must invest time in understanding and effectively utilising AI tools. By combining AI capabilities with human expertise, marketers can navigate the evolving landscape of mortgage marketing and deliver exceptional experiences. Trust, relationships, and a customer-centric approach will continue to be fundamental to success in the industry.