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Mortgage market ‘too complex’ for Amazon and Google to enter – Mortgage Brain
Technology giants such as Amazon and Google would be reluctant to enter the UK mortgage market as it is too complicated, Mortgage Brain has said.
Speaking on Mortgage Solutions Television in association with NatWest, Ken Deegan, chief technology officer at Mortgage Brain said the “existing ecosystem” of the sector would need to work together to be prepared of that situation.
He added that such disruptors typically preferred to enter sectors which worked seamlessly across international markets.
Deegan said: “I think there’s every possibility of them or the disruptors entering the industry, but I think the important thing is for the existing ecosystem to work together to provide for that.
“The capabilities will be there, the technology will be there, the collaborative space will be created and once that happens it becomes less of an issue.”
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He added: “Amazon and Google have gone into tangential markets previous to this, but just because it’s capable of being entered into by them, doesn’t mean they will actually want to do it because it’s not really going to be in their long-term interests.”
The panel is:
Luke Christodoulides, senior corporate account manager – NatWest
Ken Deegan, chief technical officer – Mortgage Brain
Dilpreet Bhagrath, customer experience manager – Trussle