Source: https://www.financialreporter.co.uk/finance-news/the-importance-of-constant-evolution.html

Technology can be one of an adviser’s biggest assets in the mortgage business, and as the market evolves and grows, it’s becoming increasingly vital that advisers are using a tech platform that not only keeps up but provides a real competitive advantage.

The obstacle that many advisers face is where to find the time to update their systems and platforms to ensure they stay ahead of the game. The solution is simple. By adopting a platform that adapts and grows with the market behind the scenes, advisers can ensure they are not left behind without devoting significant time and money to the cause.

Regulation is the single biggest driver of tech adoption among UK mortgage advisers. By employing a platform that is constantly evolving behind the scenes, advisers safeguard themselves against regulatory crackdowns and ensure that they are an attractive partner for stakeholders in the process. Lenders and solicitors face strict regulation of their own, and they’re just not going to connect with a brokerage that they don’t trust will perform perfectly. If that wasn’t motivation enough, failing to comply with GDPR or SMCR regulation could lead to crippling fines. A sophisticated platform that constantly evolves and updates allows advisers to rest assured that their operation is being kept up to date and in line with regulation, without them lifting a finger.

In addition to ensuring they’re compliant, freeing up time is a key reason advisers choose to implement an end-to-end platform. Repetitive admin can hinder the efficiency of a brokerage and lower employee moral if there are better solutions available elsewhere. By adopting a platform that evolves constantly within the market, advisers know they are always using the market leading systems and that their work is as streamlined as possible. The mortgage market has taken a leap towards increasing efficiency this year, with the implementation of APIs and as it begins to embrace automation, the pace of change is set to pick up. It’s a busy time but it’s also exciting. The market has changed more in the past 12 months than in the past 12 years and by using a platform that is constantly evolving, advisers can ensure they are at the forefront of the action, driving the change and growing with it.

Using a third-party platform that is constantly evolving is especially important for smaller or mid-sized brokerages that may not have the resources to implement the changes themselves. Third party end-to-end platforms carry out market and user research that ensures their product is up to date with the newest technology and customer expectations. They then use the research to continually drive the development of their platforms. Every few weeks there is a new feature that can assist mortgage brokers – from better understanding of users’ needs, to OpenBanking and Digital ID. By adopting a platform that implements new features as they arise, advisers can reap the benefits without doing the work. Many third-party platforms also have partnerships with other providers and lenders which ensure their customers have the best possible products available, again, without having to put the leg work into finding them.

Overall, the advantage of using a platform that is constantly evolving cannot be understated. Constant evolution is essential for businesses in order to stay compliant with regulation, attract clients and retain the best talent. From all angles, advisers need to keep up to stay relevant, and third-party systems allow this without infringing valuable time. We look forward to seeing where the market changes in 2020, but we’re sure it’s not slowing down any time soon.