With over £1bn of mortgages having matured before the end of 2022 and 91 per cent of people expecting further rate rises according to LMS’ latest monthly data, many borrowers will be looking to lock into a new rate.
However, although current economic circumstances are playing a part in market demand, the pressure it is putting on brokers, law firms and lenders alike is not new. The mortgage industry has strived to be as customer-centric as possible – brokers have always looked to source and secure the best deals for their clients – but the availability of technology to help do this efficiently hasn’t always been there in the past.
Tech-focused
This poor availability and integration of technology is no longer true for the mortgage industry. In the last 18 months, the provision of the right technology has drastically improved. From law firm identity checking and anti-money laundering technology, to digital proof of funds checks and fully integrated CMS providers that can give clients access to all these services in one place, the collaboration of the whole industry in improving the level of tech provision has been tremendous.
Making tech accessible
While technology has much improved, third-party tech providers must now turn their attention to accessibility.
Through no fault of their own, industry stakeholders lag behind when it comes to implementation, whether that’s because it is perceived as too time consuming and complicated or too expensive with little benefit, or even a combination of all three. The onus is on the providers to ease these issues and ensure that the technology not only delivers efficient processes to ease workload, but also delivers on choice – a key driver for stakeholders when it comes to adoption.
This is particularly true when thinking about the disparity in spending power. Law firms and lenders that process thousands of cases tend to see the value in adopting technologies that automate various processes, such as identity checking, to ensure that the risk of the borrower falling victim to fraud is reduced. Those who embrace these technologies across the board stand to gain huge efficiencies that will deliver the results all stakeholders need – law firm, lender, broker and borrower alike – regardless of the size of the business. Third-party tech providers very much need to be part of driving this awareness and accessibility – giving everyone equal and uninhibited access to the solutions and tech will drive the market forward further still.
Let’s not stop the progress
We’ve come so far in the last two years. The demand for technology that can streamline processes has always been strong and it certainly shows no sign of weakening. If anything, solutions like those mentioned are likely to become even more popular as market circumstances make the need for efficiency and certainty even greater.
Ongoing investment will be key in providing modern, automated solutions that can ease the pressure on lenders, conveyancers and brokers alike, but improving accessibility to tech will allow all stakeholders, regardless of size, to harness its power in delivering even better customer outcomes.
Third-party tech providers are the lynchpin in making this a reality, and it’s vital that we focus our attention on it moving forward.
