More mortgage applications will be processed via the internet if common industry standards are introduced, according to a survey conducted by e-commerce software provider Focus Solutions.
The survey found that 35% of respondents named lack of data standards as the main barrier. Other deterrents included cost, indecision to build an in-house system or use existing service providers, and difficulty in changing company procedures.
However, nearly 90% of providers said transacting applications electronically would make processing costs cheaper and attract more business.
According to the survey, the majority of providers expect to be doing only 15% of business via the internet by 2006 due to the difficulties currently being faced when making the move to electronic trading.
