IFonline has commissioned a detailed survey of mortgage intermediaries that aims to discover their expectations and fears for future technological developments.
The Financial Technology Research Centre (FRTC) will carry out the survey among an estimated 40,000 advisers taken from 14,000 broker firms. The results will be used when shaping online developments in the future and are intended to prevent providers from making again the costly mistakes of the past.
Problems in the past have included designing systems that only work with high specification computer equipment, incorrectly assuming that intermediaries want the facilities to conduct online transactions, and assuming a level of technical knowledge that most users have not attained.
Ian McKenna, CEO of FRTC, said: “Millions are wasted every year because providers of services to IFAs and intermediaries make ‘guestimates’ as to what they want and need. Countless projects fail because there is too little knowledge of what systems capabilities intermediaries have and indeed what inclination they have to use them.”
Mortgage Next and Pink Home Loans are the latest lenders to sign up to the IFonline common trading platform. There are now over 80 lenders on the system and 52 are ready to receive online applications. In addition, the IFonline roadshows have begun touring the country to explain how the system works.