AI technology will never replace empathy in the world of finance.

My Nokia flip phone was state-of-the-art when it came out in the 1990s.  It had diamonds that lit up and sparkled when people called me.

I loved that phone.

It wasn’t just the sparkly diamonds – it was the way I was able to stay in touch with clients instead of being tied to a desk. The finance industry was simpler back then. There was less paperwork and fewer boxes to tick. And my Nokia phone was a business tool that made things even easier.

I’ve always been a fan of using technology to help clients.

I was initially reluctant to shift to an iPhone because I loved my sparkly Nokia, but once I understood the smartphone’s capability there was no holding me back.

Responding to emails on the go, snapping photographs, scanning docs – this new technology was another big step forward.

The trend has continued. Planolitix is just one of the tools we use to help clients these days to analyse their financial situation and build a plan to achieve their goals. We also use technology to streamline the processes the banks have introduced for loan applications.

For example:

• Online application portal. No need to gather a package of bank statements and other mandatory documents to send to the lenders – just login to our site and upload them in minutes. We’ll manage things from there.
• Virtual meetings. We’re big fans of video for those essential face-to-face meetings where we explore your financial position and start building a plan. Scheduling these meetings online and using a tool like Zoom means we can fit the meeting around your availability. It also means that neither of us has to deal with the horrendous Auckland traffic!
• Meetings summarised by AI. Our client meetings are recorded and summarised by Artificial Intelligence. As soon as the Zoom meeting is over, we’ll send you a quick written summary of the key points and next steps. This AI summariser is a clever tool, even if it struggles a bit with the New Zealand accent. For instance, it renders Nokia as Knockier!

We’re not stopping there. We’ll be making even more use of AI in our business over the coming years, as it provides extra capabilities with video and text.

But there’s one key aspect of the mortgage business no AI tool can replicate.

It’s always been about people – and it still is.

A lot has changed over the four decades I’ve been advising clients on mortgages and insurance.

House prices have rocketed. I can remember when you could buy an Auckland house for well under $100K. (But don’t be daunted by today’s house prices – we have some tips to help you get on the property ladder now.)

The banks have shifted from paper documents and fax machines to electronic technology. More critically, they have much more complex approval processes, and now take weeks to process applications that used to be turned round in hours. (Pro tip: Get pre-approval of a home loan before you go house hunting – it will save you a lot of hassle and heartbreak.)

Insurance has changed, too. Now there are heaps of innovative policies to protect you from risk, so an unfortunate event doesn’t torpedo your finances or place your family in a difficult position.

With all this innovation, it’s easy to lose sight of something that’s never changed: the human needs of human beings.

People still want a place to live, financial freedom, and protection from the inevitable risks of life. Technology, new products and services are only valuable if they help you achieve your goals and add to your quality of life.

And that takes a human being.

AI doesn’t do empathy. But we do.

Our business is all about advice – and that only comes once we understand what’s important to you.

That’s why we need to meet with you face-to-face – most likely on a video call these days – to work through your financial situation and find out how you’re placed.

Then we use our decades of experience and extensive knowledge of the financial market to put together a plan that works for you. Whether you’re buying your first home, looking at an investment property, downsizing once the kids have left, or thinking about your health risks, we’ll listen with empathy and ask questions to build a clear picture of your needs.

It's a very human role, and all the AI in the world will not replace the role of empathy here.

So if you have any changes in your mortgage or life you’d like to discuss, we are here for you anytime. Just send me an email or book an appointment using the links below.

Or you can log into our calendar and book a meeting any time, by clicking on the link at the bottom of our emails.