In episode 73 of the Growth Series podcast, Iain Cunningham, Corporate Account Manager at Accord Mortgages, discusses technology for brokers with Maria Harris, industry consultant at Digital Cat.
Iain begins by asking Maria what technological solutions for brokers currently exist, and she talks about how since the pandemic, there has been an explosion in tech, including cloud-based, digitally native CRM systems, and better connectivity between broker and lender platforms.
They then discuss the benefits, with Maria saying brokers should embrace tech as it frees up time and headspace, which in turn lets them add value to their clients by focusing on what they’re good at.
Iain asks how brokers can maintain the human touch if they embrace technology, and Maria says the two go together, as tech actually enhances what you do and strengthens your proposition. Furthermore, she notes that tech can generate valuable data that can improve the client experience. For example, chatbot analytics can let brokers know when the best time to speak to people might be.
The pair then discuss problems surrounding the adoption of tech among brokers. Maria believes that while many understand its benefits and have embraced modern technology at home, some are worried that tech could replace human brokers.
They also talk about how tech providers can make the case more persuasively to brokers about using modern tools, with Maria arguing the industry needs to work more collaboratively with brokers, so they can think more about the customer’s needs.
Iain and Maria move on to discuss how technology has led to customer expectations changing massively, as people now expect everything on demand, 24/7, and for interactions to be data-driven. However, she points out that since house-buying is often a very emotional process, the human element is still very important, which means successful brokers must build strong personal relationships with their clients.
Maria concludes by advising brokers who are hesitant about embracing technology to start small rather than invest in a wholesale transformation, choosing a tool that will either help improve your business strategy or fix a specific problem.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using communications and digital marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
01:03 to 38:51
Introduction to the guest
What technological solutions for brokers currently exist?
Maintaining the human touch
Do brokers understand the benefits of technology?
Could and should tech providers more actively market to this sector?
What can brokers learn from other industries that have embraced technology?
How can brokers counter the rise of big fintech firms?
What tech could we see rolled out to brokers in the coming months and years?
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