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Brokers utilising just 20-30% of available technology

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  • 17/09/2015
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Brokers utilising just 20-30% of available technology
Intermediaries should embrace a wider range of technological developments in order to better understand customer behaviour and further client engagement, according to Mortgage Brain.

Addressing delegates at FSE London, Mark Lofthouse, CEO at Mortgage Brain, said that despite improvements in mortgage technology, brokers were only utilising 20% to 30% of what is available.

Lofthouse urged brokers to utilise technology more effectively, while also considering increased integration from point of sale through to back office support.

“Can we, the industry, make another step change to take us forward with further system integration? The answer is always and we must continue to embrace change,” he said.

“Technology offers the biggest source of efficiency, and I don’t know exactly what types of technology individual brokers are using, but I can hazard a guess that many brokers are only using 20% to 30% of what’s in front of them.”

Speaking at the same seminar, Oliver Kenton, director of creative and experience at EY, dismissed the notion that property portals such as Rightmove and Zoopla could be a threat to the intermediary market.

“I don’t see them as being a direct threat to the broker industry but I think the advantage they do have is being the first port of call for potential buyers on the home-buying journey,” he added.

“In addition to helping people find houses they can also provide valuable insight and education but as a complex transaction which happens only a handful of times over a lifetime people still require a strong level of help and expertise that only brokers can provide.”

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