Brokers urged to embrace technology

Brokers urged to embrace technology

The intermediary community has been challenged to embrace a wider range of technological enhancements to help better understand customer behaviour and further client engagement.

Speaking in a seminar entitled, ‘The future of mortgage transactions through the lens of emerging technology’ at this year’s Financial Service Expo (FSE) London, Mark Lofthouse, CEO at Mortgage Brain, said that despite many technological improvements already being utilised within the mortgage market, from point of sale through to back office support, more integration should be considered.

Mark said: “Can we, the industry, make another step change to take us forward with further system integration? The answer is always and we must continue to embrace change. Technology offers the biggest source of efficiency, and I don’t know exactly what types of technology individual brokers are using, but I can hazard a guess that many brokers are only using 20% to 30% of what’s in front of them. So I urge brokers to find out more about what’s already out there and best utilise it where possible.”

When questioned if property portals such as Rightmove or Zoopla could be a threat to intermediary business, Oliver Kenton, Director of Creative and Experience at Ernst Young moved to quickly dismiss this notion.

He said: “I don’t see them as being a direct threat to the broker industry but I think the advantage they do have is being the first port of call for potential buyers on the home-buying journey.

In addition to helping people find houses they can also provide valuable insight and education but as a complex transaction which happens only a handful of times over a lifetime people still require a strong level of help and expertise that only brokers can provide.”

Join our mailing list:

Leave a comment

Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article
Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

view article
Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

view article

Related stories

More articles from Business