According to research by EDM Mortgage Support Services, just over three-in-five (61%) UK mortgage professionals said the approval and offer underwriting process was the most in need of a technological overhaul.
Other processes in the industry that could be improved by enhanced technology include mortgage queries and exception handling (46%), mortgage intermediaries (32%) and mortgage applicant checks (32%).
The research also found that two-thirds (68%) of mortgage professionals believe that an enhanced customer experience can give firms a competitive advantage.
Joe Pepper, managing director at EDM, said: “The mortgage market is growing: lenders are now accustomed to working with the new affordability rules and the cost of mortgages continues to fall.
“Lenders cannot rely on brand loyalty in this competitive marketplace and increasingly recognise that they need to invest in new technology to improve the customer experience.
“Buying a new property is a stressful enough pastime without a prospective lender mislaying documents or taking too long to carry out checks. There simply isn’t an excuse for lenders to defer their investment in new, technology-based processes.”