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‘Technology will change the industry, just not how business school grads dreamed’ – Star Letter 28/08/2020

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  • 28/08/2020
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‘Technology will change the industry, just not how business school grads dreamed’ – Star Letter 28/08/2020
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the top comments from our readers in our Star Letter section.

 

This week’s comments came under the article: The false dawn of mortgage advice technology – Scott 

Stuart Phillips said: “Technology still has its place, it just isn’t going to replace people. Brokers should be able to have much richer tools to help them connect complex customers to the lenders that have an appetite for them.  

Technology will change the industry, just not in the way the business school grads might have dreamed up in their ideal worlds. 

He continued: “Unfortunately, the mortgage broker industry is too small for most investors and the only ones interested are the ones who want to own it all and keep every penny generated along the way. 

As for the question of speed, getting it right first time has to be the priority, and we are still sorely lacking the tools and the communication options from lenders and others to do so effectively. 

Very Deceptive also commented, saying: “Im sure the research and development departments of these determined companies attract massive investment with their promise to disrupt and conquer.  

Research and development and IT departments must be laughing every time the IT directors show their PowerPoint presentations promising their fools gold. Investors clamour and throw their millions of pounds at them. 

However, the truth is, just like creating self-driving cars, the algorithm is inexplicably complex. And so perhaps billions of pounds will be needed before it actually works. 

Then the question will be, whether anyone will want it, or even trust it with the homebuying rollercoaster. 

To the angel investors of the future, good luck with our market. Deep pockets need not apply, you will need bottomless pockets.

 

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