How can you convince the broker community that there are benefits to these types of new technology?
Examining the issue in this week’s Market Watch are:
Stuart Gregory, director at Lentune Mortgage Consultancy
Hude Wade-Jones, director of Enness Private Clients
Mark Lofthouse, chief executive of Mortgage Brain
Stuart Gregory, director at Lentune Mortgage Consultancy
I first looked into social media for my business at the end of 2009 having been registered with a personal account on Facebook for a year or so. A friend suggested Twitter as a possible route for interaction with potential clients.
My first impression was how on earth can you communicate in 140 characters? Why on earth would you want to?
The important thing to remember before you become involved with any social media is this – the clue is in the title. Use it as ‘media’ without the ‘social’ element and it just won’t work.
You cannot change the fact that people buy from people – endless tweets about how wonderful you are will not win you fans on Facebook or ‘followers’ as they’re known on Twitter.
Engage with YOUR audience and get involved with conversations. Find the ‘local’ tweeters to you (using Twitter’s handy Advanced Search tool).
Spend a little time each day on Twitter to learn about it first and ask others who you respect for their point of view. Show your personality and within a short period of time you will reap the rewards!
Oh, and you might just enjoy it while on hold to a call centre..
Hude Wade-Jones, director of Enness Private Clients
Intermediaries, like most people, are creatures of habit and reluctant to change.
The net result of this is that while brokers may be receptive to anything that may make their day-to-day lives easier, they are only likely to take real notice if the benefits can be quantified in their bottom line.
If the app can provide access to exclusive products or information not available through standard channels and the information is updated in real time as opposed to manual updates, you will see people flock to use it.
One of the main reasons the internet has been so successful is that it provides instant, relevant information and apps are an extension of that and can be of particular use to brokers on the move.
Utilising an app through a smartphone is much quicker than booting up a laptop and waiting for a website to load, so can enable brokers on client visits to have the information they need at their fingertips.
Mobile phones, emails and the internet have made our working lives so much easier and apps are simply the latest extension of the technological revolution.
Brokers who shy away from embracing such innovations are likely to find themselves consigned to the fax and typewriter age.
Mark Lofthouse, chief executive of Mortgage Brain
Even I have been a little surprised at just how well UKmortgages has been received, but the download figures are yet more proof of the way consumers’ purchasing habits are changing.
Financial services, at least in the enquiry stage, are now seen as only a click away and for brokers to be successful it’s critical they see the benefits of this and other new technology.
Our App is the UK’s most comprehensive mortgage search, compare and review mobile application available. It is designed to promote brokers and broker only mortgage products to consumers and real leads are already being generated for brokers at absolutely no cost through its ‘find a broker’ capability.
Brokers quite simply need to take advantage of new technology and routes to market.
Done independently, however, this can be expensive, but collectively, by supporting initiatives from companies, mobile apps and other technology solutions become a much more realistic proposition. UKmortgages is a fine example of that.
