Technology is causing a major shift in consumer behaviour and, as a result, the way that intermediary firms operate.
Many intermediaries have begun to adopt a ‘digital first’ strategy in order to meet demand from their customer base.
And that’s right across the business – from the front-end user experience through to back office processing of cases and lender integration.
However, despite the strong progress made, a report by IMLA recently stated that while the internet had become consumers’ channel of choice for the majority of consumer finance products, such as car and home insurance, the mortgage market had not seen the same take-up.
Some have argued that mortgages are more complex (and more expensive) than car and home insurance so they need the human touch – but it is also true that the mortgage market could learn from digital innovation in other areas of financial services.
Brokers must take advantage of technology
It’s imperative that brokers take full advantage of the benefits that technology provides.
Simple solutions such as auto-population fields, for example, have vastly improved the mortgage application process, making it much more efficient.
Added efficiency is a key plus point for brokers, helping to make the mortgage application smoother and quicker.
Letting computers and systems handle the data elements involved in obtaining a mortgage, gives the broker more time to devote to the client and to form closer lasting relationships with clients.
For all the hype about how tech is transforming the market, brokers will remain at the heart of the process, the glue that holds the market ecosystem together.
In fact, most of the technological innovations have been made to support the human aspect of the process, not eradicate it.
Over the next five years, we expect brokers to embrace this technology even further, giving borrowers access to real life brokers who are using state of the art technology. The pace of technological change shows no signs of slowing within the financial services sector.
At PRIMIS, we are committed to the positive impact that technology can provide, and we are excited about the benefits that these solutions can bring to the mortgage industry – for brokers, lenders and clients.
As such, we will continue to invest in technology to support our brokers so that they can provide the best possible customer outcomes.