Brokers Resisting Tech Investment, Despite Recognising Benefits

Added 24/08/23 - 2 min read

Originally Published on 03/03/2022

Mortgage brokers largely agree that technology offers many benefits and opportunities for their business, but relatively few are planning to invest in the latest systems.

According to figures from Accord Mortgages, 79 per cent of brokers believe technology will improve the mortgage journey for clients, while 72 per cent agree it is an enabler for good advice.

Brokers are also largely confident about the opportunities that tech innovations could offer in the future.

For example, 62 per cent say they believe technology could offer time and efficiency savings, while 54 per cent think it could make the client experience much smoother.

Furthermore, 46 per cent agree that technology could increase their capacity to support clients, and an identical proportion feel it could help them cut their costs.

The figures clearly show that mortgage brokers are generally upbeat about the benefits that the latest innovations could offer, both to them and their clients. But interestingly, very few are interested in purchasing new tech themselves.

Nearly three-quarters of brokers don’t currently have plans to invest in technology, despite more than half acknowledging that their business might not survive if they don’t adapt to the latest advances quickly enough.

On the face of it, the fact that mortgage advisers are aware of many of the advantages offered by the latest innovative solutions, such as efficiency and cost savings, is encouraging.

But it’s a concern that many brokers are either unwilling or unable to invest in these options at a time when client demands and expectations are growing.

The ease of the client journey can be a huge factor that swings people’s decisions, as they want to work with an adviser with the infrastructure and resources to make their experience as simple, straightforward and quick as possible.

So failing to invest in the latest tech innovations could ultimately work against your brokerage.

Standing still in a highly competitive industry like the mortgage market effectively means you are moving backwards as your competitors seek to innovate, progress and move forwards.

Investing in technology doesn’t mean that brokers have to ignore and abandon the personal touch and approach they’ve built up over the years. Instead, they can use it to complement and enhance what they offer, build a great reputation for customer service and keep up with rival companies.