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

warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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SecomTech 04 Apr 2017

...and not one mention of the rules on PERMITTED DEVELOPMENT!!! Unless you have studied the plans you will not know...It's probable a high proportion would not need planning permission...BUILDING Control...

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Jonathan 03 Apr 2017

That's a very interesting study indeed. There is no doubt that new services and web apps such as in the UK or Roomster in the US will change the way people look for a flatmate, and that tenants...

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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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NathanG 20 Mar 2017

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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