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.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay 21 Mar 2017

How is the "robust evidence" looking now?

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I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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