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Technology will fundamentally change the purchasing of mortgage products – Dryden

by: Mark Dryden, business development director at 360 DotNet
  • 15/08/2018
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Technology will fundamentally change the purchasing of mortgage products – Dryden
The reality of providing mortgage advice is generally fragmented, disjointed and often, counter-intuitive to the broker and client alike.


Here the notion of technology presents itself as the saviour to reduce that effort and eliminate the dysfunctional. New tools and services provide a more wholesome toolkit for intermediaries to employ.

Open Banking, credit reports, anti-money laundering checks, direct to lender submissions, and new sourcing engines to name a few, provide an embarrassment of ways to pick and choose from to render service and advice.

But these represent isolated, and often occasional, activities requiring the same data to enter into each and every system, thus increasing the effort and time for the intermediary.

The solution is for these various services is to provide application programming interfaces (APIs), but APIs are only the infrastructure or roads if you will, the better consideration is what is their destination?


Central hub

Here the short-term answer is an intermediary’s back-end system where the CRM acts as the central hub of data that can start the engagement process, perform the fact find, automatically generate documentation, and communicate with a variety of other systems while remaining the primary and trustworthy location of everything.

The longer-term solution must incorporate all activities involved in the advice process where clients, brokers, legal entities, and providers can engage together at the appropriate time during the process.

Here distributed ledger, commonly known as blockchain, (the technology that powers bitcoin) provides a simplified mechanism to perform this, not in terms of the monetary transaction, but with the data generated.

Distributed ledger provides a secure and trustful system to record and share data across multiple bodies within the process from the initial transaction to successful outcome, one that stretches beyond the CRM to incorporate the entire process.

By extending data collection and interaction outside of the of the intermediary’s role and allowing other parties to participate in the process pre- and post-advice, the nature of purchasing financial products will fundamentally change.

The effect will continue to resemble the swan gliding across the lake, but instead of the hidden complications and effort under the surface, things will simply flow presenting an elegant and efficient activity regardless of whether you’re in the water or not.

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