Speaking about the different types of technology adoption in the sector, Wilson said some processes had been more effective than others and this was impacting the overall mortgage journey.
He said: “Each technology in my view will be at different stages. For example, APIs you can now argue are moving to enlightenment as we start to see the benefit of things like decisions in principle. AVMs (automated valuation models), you could say are seen as productive as they’re already positively impacting the process.
“Some technologies need to improve to give the seamless mortgage, like Open Banking is probably now firmly in the disillusion box. When these all come together and mature, this is when we’re really likely to move towards a seamless mortgage.”
Wilson referenced the hype curve theory which was developed by American research company Gartner. The theory suggests that technology goes through five phases before it is accepted as a working process by the majority.
These phases include creation, peak, disillusionment, enlightenment and productivity.
Wilson said new technology started with an idea which is seen as a gamechanger and hyped up through presentations, media and initial successes.
“As interest wanes, we enter the disillusionment phase as technology hits some issues or fails. It’s not until the technology matures and companies and users see how it can benefit, that we move into enlightenment and productivity,” he added.
Watch the video below [9:13] hosted by Samantha Partington, contributing editor and freelance journalist at Mortgage Solutions, featuring Ian Wilson, head of Halifax intermediaries.
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