The new era of artificial intelligence and execution-only channels was viewed gingerly, with some fearing a swing towards the end of advisers altogether.
Our reality has since changed, and we can no longer ignore that technology is here to help. Implementing technology not only eliminates cumbersome processes for customers but integrates an unparalleled degree of efficiency to the mortgage search journey.
Coming off the back of the busiest period many advisers have ever known, a move towards more efficient solutions should be welcomed by brokers at large.
Human touch still important
Even with digitalised journeys, the role of human advice remains as valued as ever. Whilst tech makes the journey easier, quicker, and generally more efficient, customers still seek tangible human interaction, whether that consists of an expert opinion or a show of support.
A first step advisers can take to integrate technology is to launch a customer-focused affordability calculator.
At its core, it enables customers to see how much they could actually borrow from a lender, based on their income and deposit. Tools like this can operate intuitively and check affordability while pulling in lender options.
The benefits of embracing new technology like this can be significant for brokers. The intuitive checks built into an affordability calculator share a far more complete picture by revealing why certain inbound leads might be failing.
This gives advisers an opportunity to offer tailored advice to customers and, in turn, increase their conversion rate.
Generating leads
With high-quality leads at their fingertips, brokers can now operate far more efficiently.
Because customers do an element of their own fact find by using the tool, there’s less pressure on advisers to do admin, which means they have more time to work with new and existing customers. This newfound efficiency may also open the door to spending time on other areas of business, such as implementing a new CRM system or refining a company’s mobile journey.
Above all, the launch of a digital journey will be welcomed by customers.
Borrowers today appreciate the ease of access, the instantaneous results, and of course, the support of a human element.
While adopting an affordability calculator is a step forward in its own right, it should be a part of a firm’s wider holistic digital journey. As an industry, we must continue to pursue new technologies that can enhance our businesses, whilst ensuring that we always provide a meaningful customer experience.
For the sake of our businesses, and the evolving expectations of customers, I would urge brokers to enable a digital journey.
The mortgage market is experiencing unprecedented levels of activity, and to achieve the seamless, customer-led journey that we are all after, we simply cannot forgo the role of technology.
