The UK’s reputation as a technology hub is growing, and Britain has recently been ranked as the most attractive investment destination for the coming year, as well as the third most promising country in the world for technology breakthroughs that have a global impact. The proptech industry is playing a key role in this as technological disruption reaches the UK housing market. Our CTO Rees Watkins takes a look at the UK ‘proptech sector’ and looks at some of the developments that we can expect in the near future, and what they could mean for the mortgage market.
Proptech is one of the most disruptive and transformative aspects of the UK economy, changing the homebuying process for everyone involved. Digitisation is increasing efficiency in the property market and delivering the immediacy that people now expect in all aspects of their lives. Many tasks are being automated and executed without the need for human intervention, and hard copy documents are becoming less and less necessary.
Virtual house viewings, same-day remortgages, and property passports (a high-level overview of a property’s history and maintenance information available to prospective buyers) are all within reach, and we could see them become standard features of a property transaction within the new few years. So digital processes are reducing friction and increasing efficiency at various stages, and a more efficient property market will have an impact on the mortgage industry, where similar technologies are being implemented. The entire homebuying process, from viewing to mortgage application acceptance, is being transformed.
Key to this, in both the property and mortgage markets, is the digitisation of data, which is the basis of automated processes and online information transfer. Digitised workflows, like Smartr365’s MortgageKanban, trigger automatic actions and enable frictionless movement of data.
These platforms are at the cutting edge of mortgage technology and can bring huge efficiency benefits at all stages of the mortgage process. End-to-end platforms like Smartr365 minimise the time advisers spend on admin and re-entering the same data into different applications over and over again, using digitisation to rework the mortgage process from start to finish.
An important and necessary step for proptech’s growth is the integration of different digital solutions, and the platforms which make this easiest will lead the sector forwards. This is the same for mortgage technology, which must unite disparate and complex processes to provide a smooth experience for brokers, borrowers, and bankers alike. Despite the positive potential of digital transformation, there’s still progress to be made with adoption before its benefits can be fully realised in both the property and mortgage industries.
A digitally-driven market with the broker at its heart is Smartr365’s ultimate goal, as we want to see as many brokers as possible using technology and harnessing the power of data to improve their businesses and the mortgage market as a whole.
2019 is set to be an exciting time for the UK’s property and mortgage markets as technology solutions continue to change the market, and lenders and brokers search for ever more innovative ways to improve the mortgage process. Progress towards the frictionless mortgage will progress further, and Smartr365 will lead the way forwards.