Traditionally it is a sector which could be accused of being set in its ways – not least because many of the best and most experienced brokers operating in it have been around for a long time, long before the internet was in use never mind other recent advancements. However, we have seen it make great strides over the last decade or so and there are some excellent technology providers operating within the sector.
However, while we may be developing a greater appetite for technology and the countless benefits it can provide us with in day to day work life, other sectors within financial services could be seen to be a bit more forward thinking.
As a big fan of technology myself I find it interesting to see what is being used in other areas of the industry and the debt management sector is a particularly interesting one to watch.
Voice analytic systems are growing in importance in debt management as the issue of vulnerable customers continues to cause waves. The idea is that when a person says a particular word or phrase the phone operator is immediately alerted by the system that this person may be in a vulnerable state. The client can then be dealt with appropriately, often being referred to a specialist team.
While the need for such technology is clear in the debt sector – where vulnerable clients are commonplace (there have been plenty of studies showing the correlation between financial problems and vulnerability) I do think it could be made use of in the mortgage world too.
Indeed, if lenders and brokers were using such systems it would make it easier to assess whether the client is struggling and whether, in fact, they’re in the position to be advanced credit. Yes, any broker worth his salt will be looking out for this anyway, but with vulnerable clients such an issue at present, why wouldn’t anyone want to maximise their efforts in identifying when a borrower is in trouble?
Perhaps we could prevent debt problems further down the line if we look at how we can better use technology at our end.
