Ask any mortgage broker, in normal circumstances, what their biggest headache is and apart from the usual grumbles about lenders and their perceived or real shortcomings, the majority of answers will centre around IT and choosing software which covers a number of important areas. Among those areas are a properly joined up service to link advisers more closely with our lender partners, a robust process for compliance purposes and one which provides PI insurers with the evidence when required, should they need to check when assessing future premium levels.
Since the days of dial up internet access, the mortgage industry has tried to bend the technology of the time to the demands of the sector. There have been notable successes in the past including mortgage sourcing and more recently online DIPs and application uploads. But moving to more recent times what about video client meetings, remote working, webinars, distance learning and online data capture.
All of these rely on the adoption of technology solutions, something which many of us in the past have been resistant to adopt. We have all had to step up, adapt and embrace everything that helps us to continue to deliver the service customers expect. With lenders now returning to the market and reports that mortgage illustrations are close to pre COVID levels, none would not have been possible even a few years ago without technology.
It is of course vital that any technology powered solution should enhance and not detract from doing business. A broker’s role in the distribution chain is to make the interaction between customer, adviser and lender as efficient and effective as possible and by adopting technology built specifically around mortgage and protection advisers’ needs, not only are brokers well served but they can also clearly demonstrate to the regulator that the customer experience is enhanced and PI insurers that the channel can be low risk and worthy of support. To have to work with any software that might well be favoured by a compliance department or PI insurer, but which to all intents fails in its core areas of competence to process data and customer business, means that those brokers are at a distinct disadvantage to their peers.