Whether a broker has been in business for 10 years or 10 months, it is likely they already have processes in place to manage all their clients and the mortgage application. To a greater or lesser extent, technology will support these activities.
In some cases, a considerable amount of time, money and effort has gone into implementing these systems. These may not be the most efficient in today’s world though, and we are now seeing end-to-end solutions increase in popularity. By reducing admin and increasing productivity, they can transform a mortgage business of any size, giving brokers back the time they need to provide quality advice to their clients.
As more and more industries are being disrupted by new technology, interest from brokers in end-to-end technological solutions continues to accelerate, and there are a number of reasons why it is essential that brokers keep up with client demand and expectations in the digital age.
The first reason is obvious. While some brokerages may have used technology to digitise and automate certain parts of the process, relatively few have done so across the complete journey. As a result, those areas that still rely on manual and inefficient processes often negate the progress brokers have made elsewhere. A mortgage journey that is 70 per cent digital will be undermined by the 30 per cent that is paper-based.
Second, technology keeps moving forwards, but many brokerages remain attached to outdated legacy systems and processes. Old CRM systems and other solutions often fail to take advantage of powerful analytics, big data, automation and cloud deployment that is now available. While it is human nature to resist the march of progress, change is a good thing. It is essential, though, that development teams are always on hand to help businesses implement new systems, working with brokers every step of the way to make sure they are supported in the transition.
Finally, and crucially, an end-to-end solution is usually the easiest way to ensure a frictionless mortgage process. To best take advantage of all the benefits, digitised and automated features should be accessible from the same place, ensuring minimal time is spent switching between platforms. Otherwise, the efficiency that technology can bring to the mortgage process will be undermined. This is ultimately the best way of freeing up the time brokers need to advise clients, track down new leads, and grow their business.
Rather than trying to integrate a myriad of different solutions, the best option for brokers is choosing a single platform that can handle every part of the process. These solutions give advisers everything they need in one place, tend to be the easiest and most cost-effective solution in the long run, and lastly deliver a better, smoother experience for customers from end-to-end.