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Upgrade your technology or get left out in the cold – MCI Solutions

by: Phil Whitehouse, managing director, MCI Mortgage Club
  • 07/12/2015
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Upgrade your technology or get left out in the cold – MCI Solutions
Technology is not often the mortgage industry's main focus, but by making this a priority your business could benefit from far greater efficiencies, Phil Whitehouse writes.

With the festive season upon us, the latest gadgets and technology will no doubt be featuring high on many people’s Christmas lists. One only has to look at the queues outside the Apple store when a new iPhone model comes to market to know how much the UK loves new technology.

However, while ‘fun’ and ‘sexy’ tech like iPhones, Fitbits and Apple watches might be flying off the shelves, technology for the workplace is often somewhat neglected. Indeed, consumers seem more than willing to splash out on upgrading their phones to the latest model but less interested in updating their IT systems.

Why is it we are more interested in spending money on what for the most part is a fancy new gimmick than we are in investing in work-based technology that could seriously improve our working lives and our ability to offer high quality customer service?

I’ll accept that upgrading your sourcing system or CRM doesn’t have quite the same appeal as a flashy new smartphone but the benefits of doing so for your business are plentiful.

One thing that may be putting brokers off upgrading their technology is the misconception that such an undertaking would be a major job. Brokers have a lot to deal with at present with the Mortgage Credit Directive (MCD) regulation looming.

Time and resource

It’s understandable therefore that broker might think they don’t have the time to spend researching new technologies and systems, implementing them and then conducting the necessary training to ensure they are used correctly.

However, in reality, this shouldn’t be the case. A good IT provider will help to implement the new system and will make the transition as seamless and easy as possible.

There are also a number of outsourced specialists who can run the project for you, thus saving you time to concentrate on writing business. Yes, this will come at a cost but as it will be done quickly and more efficiently at the same time as allowing you to concentrate on what you’re good at – selling mortgage products – it will be worth it.

The regulator has made it clear on more than one occasion that it expects brokers to have good business systems in place and, come March 2016, the need for clear and concise reporting (something good technology can help with) will be multiplied.

Upgrading your technology can help to improve efficiency and aid compliance when dealing with clients, something the Financial Conduct Authority will no doubt be keeping a close eye on following the introduction of MCD rules next spring.

Can you really afford to ignore such an important part of your business?

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