The findings, published by Capita and conducted among 82 brokers, showed that mortgage advisers placed great importance on the ability for lender systems to improve efficiency and the quality of service provided to the customer. Some 70% of respondents viewed the role of application systems as critical to the customer’s experience when transacting their mortgage.
Among the most important factors named by brokers was the ability to scan and attach application proofs, scored at 9.44 out of 10 on the scale of importance, clear instructions, navigability and ease of use at 9.07 out of 10, and an affordability check that replicates the calculations on lenders’ websites, also scoring 9.07 out of 10.
Keith Green, strategic product director at Capita Mortgage Software Solutions, said: “Our research suggests that technological developments in legacy mortgage sourcing and application systems have not kept pace with step-change improvements in customer experience elsewhere.
“Lenders need to use new and emerging technology to appeal to millennials – the next demographic of homeowners. Forward-thinking lenders, willing to embrace technological advances, will thrive if they can harness technology to strengthen customer experience.”
In a market where regulation is increasingly prevalent and constantly changing, Capita’s survey showed that brokers depended on lender systems to ensure they meet these challenges. Brokers said increasingly complex underwriting rules, such as those adopted in the buy-to-let market, meant they were also likely to rely more on lender software to navigate the requirements.
All things being equal, respondents said they would place mortgage business with lenders whose application systems were easiest to use, were consistent and which provided the best case tracking functionality.