Innovation continues to drive added value, however, it’s important to remember that this is only the case if the innovation in question matches the ongoing needs of the business. And if individuals within the business fully understand how to get the best out of the available technology at their fingertips.
In my opinion, there’s still too much emphasis being attached to shiny new features and jargon rather than on the tangible delivery of real value. One critical element which is often overlooked in the digital conversation is the training and support aspect offered by technology providers. Not all heroes wear capes, although I’m thinking that these should be standard issue to our training and support team as they are always on hand to guarantee that our users are consistently getting the best experience and generating that all-important value.
As a business, it’s also key for us to recognise exactly what this value looks like and to ensure we are ahead of the curve when it comes to trends and the demands being placed on an ever-changing mortgage market from a lender, distributor and adviser perspective. As such, at the back end of 2023 we hosted Tech Talks, an event designed to inform and discuss technology and trends in the mortgage sector as we enter 2024.
As part of the event, a panel session was held, hosted by Rob Barnard, intermediary relationship director at Pepper Money. The panel consisted of Maria Harris, chair of the Open Property Data Association (OPDA); Rob Sinclair, chief executive at the Association of Mortgage Intermediaries (AMI); Emily Hollands, group head of distribution at OneSavings Bank; Greg Cunnington, chief operating officer at LDN Finance and our very own Dale Jannels, chief executive officer at OMS.
Technology predictions for 2024
To close this session, each panellist was asked about their technology predictions for 2024. The consensus from the discussion was that tech will continue to be a key topic for the industry and, while there may not necessary be one eureka moment experienced over the next 12 months, there are a number of marginal gains to be had – especially from a service delivery standpoint.
There is little doubt that a huge variety of forward strides will continue to be made across the mortgage and homebuying process and our message to firms who may be considering their tech options is to act sooner rather than later. This isn’t to suggest they should act without thought or due diligence as this would defeat the object but now is the time to speak to tech providers about what they can offer today, how they can help streamline processes, create opportunities and support ongoing business needs.
We have come a long way to get this point of tech adoption and 2024 feels like the tipping point for many firms when it comes to joining the tech revolution or being left behind. I know which side of the fence I’d prefer to be on, do you?
