Efficiency is something we all strive for in both our work and personal lives. Making the most of our time can often be a key component in both success in the workplace and maintaining a healthy work/life balance. So whether you’re a Margaret Thatcher – reported to get by on a mere four hours sleep a night – or a Dalai Lama – a eight to nine hour a night man, success is finding what works for you and how to best manage your time.
Being an intermediary is certainly a delicate balancing act when it comes to the allocation of time. Generating new business, maximising existing client banks, managing client expectations, general admin, understanding products and criteria, not to mention differing lenders pre- and post-application process are just some of the daily tasks.
And from speaking to many intermediaries up and down the country, the pre- and post-application process is certainly one element which can incur some time-related frustration. This is one of the main reasons why, here at Barclays, we’ve been hosting Woolwich Master Class sessions to help increase efficiency among our intermediary partners.
Inevitably, a large element within these sessions is centred on technology. Of course, mortgage intermediaries have long been experts in the people business. We know that strong client relations are often built not via email, text or Snapchat but by speaking to people face-to-face and building up a certain rapport. It remains a people business but these relationships can certainly be further enhanced by utilising the digital world.
Ensuring that the application process is as smooth and painless as possible from start to finish is certainly one way to ensure clients are kept happy and that time is being maximised effectively. It’s not always easy getting to grips with individual lenders criteria and policy but, more than ever, this remains a vital component in getting applications processed quickly and efficiently.
There has long been a drive towards paperless submissions and secure email communications but technology can only help so much. The fact is that it remains the intermediary’s responsibility to ensure that any information submitted is correct and relevant.
But it’s not just a one-way street. Communication between lenders and intermediary partners remains an integral foundation for the application process to work successfully and we must constantly be accountable for making criteria and systems as easy to understand as possible. Inevitably this will always be work in progress; however, it does underline the importance of engaging with and listening to the intermediary community, not to mention acting on any relevant feedback.
Another often underutilised technological enhancement is the availability of resources to speed up and simplify the communication process. Indeed, the effective use of these additional tools can vastly reduce the calls to case ratios and free up more time to generate further business.
For example, do you make a phone call when a quick email would suffice? Could you find the relevant information online in a matter of moments rather than sitting on hold? Is it worth spending a little more time in the beginning of the case building procedure to ensure that all applications are completed correctly first time, therefore saving any further delays and follow-ups further down the line?
Efficiency and simplification have become real buzz words in a digital age which is, without doubt, here to stay. While keeping up with all the available advances isn’t always easy, proactive lenders should be providing all the necessary support and resources to ensure help is available at your fingertips. Meaning even more valuable time can be freed up to meet a range of client’s needs.
Jackie Uhi is managing director, mortgage distribution at Barclays
