September 24, 2024
The rise of artificial intelligence is often compared to the invention of the printing press – a technology which greatly advanced human IQ by making literacy and literature more available to more people, supercharging human progress with the sharing of intelligent ideas and unlocking creativity. But what the AI of its time also did was trigger a series of events and movements which were completely unforeseen and unlocked our nascent fear that technology will in time, enhance, automate and, ultimately, replace our jobs.
Winners & losers
As with all subsequent technological breakthroughs, the advent of the printing press changed society in unexpected and interesting ways – there were dramatic winners and losers. Taking education and teaching as an example, the average salaries of university professors in the 15th and 16th century went up dramatically as more and more people wanted education.
Interestingly, the salaries of those professors and lecturers teaching classical subjects such as Ancient Greek and History fell markedly, as people became less interested in classical subjects and more concerned with pushing the boundaries in maths and the sciences. Here, we see echoes from the past of today’s digital divide.
Fast-forward to the present day and in a recent interview Elon Musk warned that Artificial Intelligence will come for everybody’s job in time. Indeed, it has already gobbled up several positions that are factual, data-led, or perceived to be easily replicable such as Financial Analysts and Copywriters. AI can just do the ‘IQ ’better than we can.
Me, myself and EI
But in the face of such inevitable step-change, could it be that human ‘emotional intelligence’ (also known as Emotional Quotient – EQ) will be greatly elevated? Is it going to be our sensitivity, our empathy and our ability to use and understand emotion in a positive way which will add weight to the human end of the seesaw?
Will it be that those who have seen their skillsets bullied by IQ will potentially become more valuable in the future because they will be equipped with the broad set of social skills that the robots cannot replicate? The ability to put oneself in the shoes of others and offer support, guidance or advice based on this premise may well be how we retain our competitive advantage.
And what might this mean for you, the Intermediary? How might focusing on emotional intelligence prove to be your superpower?
People buy from people
Mortgage brokers rely on emotional intelligence to build and maintain client relationships. Guiding borrowers through the decision-making process with self-awareness and effective communication skills based on emotional cues is part and parcel of being a broker. This human-2-human approach is, for many, also likely to be why you do what you do – you care about customer outcomes; it’s personal.
Even the most ardent techno-sceptic would have difficulty in arguing that there aren’t certain aspects of an Intermediary’s job which couldn’t be streamlined using AI. CRM, content creation, diary management and call scheduling or even social media account management can all be effectively handled using web tools driven by AI.
But there’s no app yet available for download which can handhold a borrower with complex circumstances through the stressful mortgage environment, understanding and responding to their needs and concerns in real-time. Or one that can foster long-lasting relationships with clients based on trust, empathy and timely communication.
At least, I don’t think there is - let’s ask ChatGPT…
Key Components of Emotional Intelligence
1. Self-awareness
The ability to really understand yourself, your strengths and how you come across. The more self-awareness you have, the easier it is to woo clients.
2. Personal Motivation
The drive and passion to set and achieve your goals and overcome the challenges this mortgage market throws at you.
3. Awareness of others
As well as knowing yourself, it is important to know and understand other people, how they think, feel and see the world. Mastering this puts you in the driving seat.
4. Social and communication skills
This is how you interact and communicate with others, including your clients. It’s the way to build trust.
5. Discipline
To make this happen.