For the tech savvy, or even not so tech savvy, there still remains one big question for 2014 that has gone unanswered for far too long. Is this the year when we finally see the Back to the Future-style hoverboard launched?
Surely it’s not too much to ask. If Amazon can look to develop delivery drones, Chinese scientists work on eBooks that feel and smell like real books and Virgin introduce commercial flights into space then surely these elusive contraptions can’t be too far behind can they?
Still, back in the real world, technology continues to make the world go round at an ever increasing pace with financial services, and the mortgage market in particular, playing a little bit of catch-up when it comes to being at the forefront of technological advances.
In terms of the intermediary market a long history of face-to-face advice, strong long-term relationships and an in-depth advice process has led to technology inevitably playing more of a background role rather than being at the forefront. That’s not to take anything away from the role it has played in sourcing, lead generation and help with back office procedures. Or from the raft of technology led support service companies that do a great job throughout the industry.
We have certainly come a long way since brokers had to leaf through monthly or weekly product updates and coping with bulging filing cabinets, but what is clear is that technology is now also playing more and more of a prominent role on the front line.
This is especially apparent in the submission to completion process. It’s not easy for intermediaries having to adhere to different systems and policies, which underlines why lenders need to constantly strive to improve this experience. It’s clear that speed, simplicity, security, clarity and consistency are vital components all the way through the submission to completion process.
As a lender we realise all intermediaries want is a quick and easy way to complete and submit applications. Of course this is firmly at the top of most lenders ‘to-do’ list when developing and updating their systems but technology can only do so much. As lenders we still need intermediary help in ensuring they input, scan, send all the relevant information correctly to service clients efficiently as possible.
If this wasn’t enough intermediaries also have the consumer facing element to contend with. There will always be a need for advice as property purchases remains the biggest commitment there is but there is growing evidence that people are looking to up the ante in terms of being more proactive and sophisticated in their searching and comparison methods.
The integration and uptake across a variety of apps is also constantly changing how we undertake day-to-day activities across our personal and business lives and intermediaries have to acknowledge this. Moving forward we all have to embrace technology by working with it rather than against it and much of this comes by trying to understand consumer habits and needs.
There is no doubt that the digital age is here to stay. It is developing at such a rapid pace that keeping up with advances isn’t always easy. Updating systems and websites can be a stain on resources both in terms of time and money. We also have to appreciate how technology can be implemented to address upcoming challenges.
The Mortgage Market Review, for example, is almost upon us and will place an even greater emphasis on the sales and advice process. There are already a range of technological tools to help intermediaries, and lenders for that matter, ensure that this can be illustrated and documented in the right way. More will emerge and it’s important to make the right choices if implementing them.
Looking forward who knows exactly where technology will lead us next but one thing is for sure which is that we, as an industry, certainly can’t ignore it.
