You are here: Home - Better Business - Business Skills -

‘Brokers must view new technology as a colleague’ – Personal Touch

by: Dave Edwards, commercial director at Personal Touch
  • 22/05/2017
  • 0
‘Brokers must view new technology as a colleague’ – Personal Touch
Do you remember when supermarkets first introduced self-checkouts?

Claims immediately followed that this meant the end for checkout workers – technology was taking over. The machines had won. And so on and so on.

As it was, of course, that wasn’t actually the case. Self-checkouts have proved generally successful – albeit often annoying – but supermarket staff are still needed.

Indeed, most supermarkets have kept staff-manned tills despite introducing self-checkouts. In short, customers have been given a choice and for the most part everybody’s happy.

 

Encroaching technology

This issue of technology taking over is one that has been encroaching upon the financial services world for some time.

The industry faces a conundrum. It needs to embrace technology to give consumers more choice and efficiency – just as the supermarket sector had too – but it fears the impact on human interaction.

Indeed, mortgage brokers and financial advisers are worried that a rise in the use of technology will diminish their value.

But I think brokers are missing the point.

Technology should not replace the relationships they have with their clients but rather enhance it.

 

Human guidance

Let’s be clear, a consumer may be comfortable buying a pint of milk and a loaf of bread without the guidance of a human at the checkout, but paying several hundred thousand pounds for an asset that they’ll be paying back for decades is a little more serious.

As such, I very much doubt we’ll see the day when advisers are obsolete and replaced by computers.

While the consumer may get the end result benefits, increased technology in financial services is actually there for the benefit of the adviser.

It exists to make your life easier.

Developers are creating new systems to help make the sale of financial products easier, the underwriting slicker and the necessary data more easily accessible.

The consumer just wants their dream home. It is our job to get them there and technology can make that job much more straightforward.

 

Enlist help

Brokers who have yet to embrace technology must stop seeing it as the enemy and view it more as an asset, a colleague, a collaborator.

Consumers want fast results and you want to be able to meet their needs without falling foul of the regulator.

Enlisting the help of technology will help you to do just that. And, even more good news, the systems and features being created in our sector are far more advanced than those pesky supermarket checkouts.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
How to keep credit doors wide open but protect vulnerable digital customers

Digital processes are increasingly commonplace in the lending industry, but questions are regularly posed about how to make it accessible...

Close