Around 47% of mortgage brokers are optimistic about the role technology will play in the future of the mortgage industry, a survey shared with this publication has said.
Research from Accord Mortgages, which was exclusively shared with Mortgage Solutions, shows that an additional 39% of brokers said they feel relaxed about the impact of technology on the mortgage industry.
This suggests, the lender said, that brokers are seeing artificial intelligence (AI) and other digital tools as “practical assets” to “enhance – not replace – their vital advisory role”.
Accord Mortgages said many brokers were already using technology like AI to improve the efficiency of admin-heavy tasks, in turn making operations more efficient and delivering better customer service.
The lender pointed to its business development manager (BDM) booking system – which it rolled out recently – that allows brokers to book appointments directly with a BDM via a link and gives them real-time access to the BDM’s diary and can tell brokers their location.
Since launch, this has facilitated hundreds of appointments, freeing up time for BDMs to support brokers and eliminating the need for back-and-forth emails or calls from brokers.
Mind the affordability gap
Sponsored by Newcastle for Intermediaries
The research showed that there was still a need for “continued industry support” to help brokers adapt to new technology, with around 24% concerned or uncertain about the role of AI.
Twenty7tec figures show that over two-thirds of brokers currently use a customer relationship management (CRM) system, but only 23% engage with it on a regular basis and nearly 35% said they rarely or never engage with it at all.
This shows brokers are positive about the role of technology in evolving the mortgage industry but are “not using it to its full potential”, the lender said.
Jeremy Duncombe, managing director at Accord Mortgages, said: “As a lender, our stance remains firm – technology should always be used to enhance outcomes for brokers and their clients – but the human experts will always be at the heart of the process.
“It’s about how they use technology to embrace the future and create space for more opportunities while offering even better, client-focused service, by automating admin tasks, using CRM systems to manage data, tracking interactions and follow-ups, and leveraging digital document management tools to reduce paperwork and speed up processing and improve lead generation.”
He continued: “There is also a need for clear communication, education and guidance from lenders and industry bodies alike to help brokers navigate this digital shift confidently.
“Our Growth Series online resource provides free tools and advice to help brokers grow their businesses, including providing content to help them navigate AI and understand how it’s transforming the mortgage industry.”
