In episode 19 of the Growth Series, Jeremy Duncombe, Director of Intermediaries at Accord Mortgages, is joined by Mark Lofthouse, CEO at Mortgage Brain, and James Tucker, CEO at Twenty7Tec, to discuss the impact of sourcing systems on financial advisers.
Our guests in this episode have over half a century of experience within the financial and technology sectors between them.
James comments on how sourcing systems have changed the dynamic surrounding how systems are updated, allowing for access on multiple devices, whilst introducing the criteria search options. Mark then comments on the boom of products that are available from mainstream lenders and the rise of the “educated consumer.”
Each guest provides great insight into how important the broker’s knowledge of the system is, drawing an interesting comparison between the systems of the past and more modern sourcing systems. Consumers’ needs are getting more complex and so there’s a greater demand for more advanced sourcing systems, generating large amounts of value to users when compared with the basic info provided by earlier versions.
Mark and James point out the importance of technology being “aligned with the broker” and not in competition with them, as brokers provide the key value of face to face advice.
Another interesting point of discussion is on APIs and how they dramatically influence the client’s journey from enquiry to product purchase. Mark and James also give insight on what James calls the “homogenization of the later life lending market.”
The conversation moves on to criteria search systems and our guests address concerns around the subject. James and Mark insist that lenders won’t lose out when utilising the new system, calling it “Google for mortgages.”
Interestingly, both our guests point out how the system can really benefit advisers when it comes to compliance investigations, as many systems can roll back their data to the very day that a specific case occurred. A compliance officer can see all of the offers available to the broker on the day that the advice was given, helping to add more transparency to the industry.
Mark and James also express a good deal of optimism regarding the recent regulator analysis of the mortgage sector. They analyse the importance of customer choice and the challenges facing not only the adviser but the customer as well, as there’s such a wealth of information available to all parties, and they pointed out the importance of adviser knowledge in the area.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
0.00 - 2.30 - Welcome and introduction
1.21 - 23.54 - Jeremy is joined by Mark Lofthouse, CEO at Mortgage Brain, and James Tucker, CEO at Twenty7Tec. Together they discuss sourcing systems:
- How have sourcing systems developed in recent years? And how do you see them developing in the future?
- How important is a broker’s knowledge of the system in order to get the most out of the products on offer?
- Where do you see the broker adding value in the future?
- Are sourcing systems taking work away from the broker?
- What role does an API play in the future development of sourcing systems?
- Is there a situation where a sourcing platform is not appropriate?
- How are these platforms adapting to the rise in equity release and later life lending?
- What should brokers be considering when choosing a sourcing platform?
- With a growing number of platforms, do you expect some form of consolidation in the years to come?
- What is the relationship between sourcing systems and compliance?
- What is your view of the Mortgage Market Study and where do you feel the market is going?
28.28 - 29.24 Outro