In episode sixty-eight of the Growth Series podcast, Nicola Alvarez, Senior Manager Mortgage Distribution - Proposition Development at Accord Mortgages, discusses technology for brokers with Richard Daibell, Lender Relationship Manager at Mortgage Brain, Kelly Yolal, Product Manager at IRESS and Nathan Reilly, Director of Lender Relationships at Twenty7Tec.
They begin by discussing how the pandemic affected the take-up of technology in the mortgage industry. The panel agrees that the fear factor has largely gone, as businesses were forced to embrace many tech systems overnight and saw the benefits firsthand.
Nicola then asks how technology has made checking criteria, affordability and products more efficient for brokers. All three believe that the latest tech has streamlined processes, providing a simple solution to problems and cut overheads - so much so that Richard admits he is baffled why some don’t want to use technology, while Kelly feels it is “insane” to stick with more costly, less efficient processes when a better alternative is available. Nathan, meanwhile, believes technology gives back to advisers as it helps them enjoy a better work-life balance.
The panel then discusses how customers have become more demanding, as other sectors offer good connectivity and seamless processes, so there is no reason why the mortgage sector should be different.
Next, Nicola asks what could be done to drive greater adoption of technology and the panel agree that education is key, with providers helping advisers understand and get comfortable with tech and showing them the value and benefits it offers.
The panel are then asked what benefits brokers have seen after adopting modern technology. Richard says tech saves hours of time and enhances the customer journey, and Kelly believes it offers clients the flexibility to do things in their own time, rather than in traditional office hours. Nathan, meanwhile, believes technology means brokers have more accurate data available, which helps with compliance issues.
Finally, Nicola asks what tech developments could happen next. Richard believes regulatory changes and growing demand for green mortgages will drive change, while Kelly wants to see tech make the house-buying process more streamlined. Nathan adds that the mortgage sector should offer a more consistent customer journey and that technology can play a part in making this happen.
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.
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