As part of L&G’s Mortgage Club Live Conference, brokers were asked to share their views on the future of the market along with concerns they have and 38% said they saw the rise of robo-advice as the biggest threat to broker’s business.
A further 87% said they plan to include technology to the service they provide and another 88% said they are aware of the need to invest in new technology to remain competitive as the market evolves.
While robo-advice was considered the biggest threat, a further 24% of brokers said they saw other lenders as a threat to business and 21% said they saw customer behaviour as a threat.
Jeremy Duncombe, director of Legal and General Mortgage Club, said brokers need to use technology to their advantage and as a way to diversify their business rather than considering it as a threat.
Earlier in the year Duncombe said using technology, such as robo-advice, should already be part of broker’s practice.
He added: “Brokers must ensure that they are using every tool available to provide a modern, holistic service that meets the requirements of their customers throughout all aspects of the market, whether for mortgages, remortgages, second charge or buy-to-let products.”
