No two clients are the same and there is a spectrum of preferences regarding ways of working. Take the fact find process as an example. Some customers prefer to take away a form to fill out in their own time as they are too busy for a call during the week, while other clients value the ability to go through questions over the phone or face-to-face with their adviser. Client-facing technology for mortgage and protection advisers has often lacked the flexibility required to work across the spectrum of customer and broker preferences and transaction types. For example, digital platforms may impose a one-size-fits-all client workflow or not sufficiently tailor fact find questions to different transactions.  

As a result, many brokers have maintained a more traditional, but also more flexible, client process. For example, a large number of brokers use a suite of fact find documents across different transaction types, with each fact find fitting the exact requirements of that specific transaction. 

  

Revisiting traditional methods in a digital age 

Brokers adopt a workflow that is generally acceptable for all clients. Often, this process may deliberately omit certain digital features to avoid alienating customers who are not as adept with technology. 

However, as millennials enter the homeowner population, a digitally-enabled customer journey has become not just preferred but expected by certain customer groups. It’s also worth noting that tech proficiency among older demographics has seen a marked increase, particularly spurred by the pandemic. This trend can be seen within financial services: 93 per cent of Brits now use online banking, a significant rise from 74 per cent in 2018 and just over 50 per cent in 2013.   

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Brokers are increasingly adopting a flexible, digitally enabled customer process to represent the preferences of all their customers, rather than having their whole process dictated by the increasingly small subset who are less comfortable with modern ways of working.  

  

Streamlining the customer experience with technology 

Technology can play a pivotal role in simplifying tasks for customers. Take digital signatures as an example: printing off, signing and scanning documents is a significant barrier to returning key documents such as privacy policies and terms of business to mortgage and protection advisers.  

Another example is follow ups; email reminders can be automated rather than relying on manual chasers from the adviser. 

Better use of technology also has significant benefits from a compliance perspective. For example, sharing personal documents over email falls short of GDPR requirements. In addition, under the new Consumer Duty regime, brokers are encouraged to evidence that clients have understood their advice. Digital signatures can be an effective and low-hassle way to bolster the Consumer Duty paper trail.  

  

Technology should complement, not complicate 

Mortgage and protection advisers have a deep understanding of what works best for them and their clients from many years of experience. Technology providers must make their products suitable for both the wide range of transaction types and the spectrum of preferences on ways of working with customers.  

The goal is to enhance the efficiency of mortgage transactions for all parties involved – this won’t be achieved by enforcing a one-size-fits-all approach.