The intermediary market share has never been higher. At the beginning of 2020, approximately 75% of all mortgage business was being conducted through an intermediary channel. However, the problem with have a share of three quarters of the market, is that often, the only way in down…
Competitive threats to the dominance of the broker channel include automated solutions, an increase of execution-only business and the never-ending rise of product transfers. The FCA’s stance of encouraging execution-only business has only worked to threaten broker dominance, highlighted by the stat that over 50% of PT business is conducted using ‘execution-only’ methods. Execution-only isn’t going away, and there is reason to suggest that consumer access to these channels is only going to increase.
But it’s not all doom and gloom. Despite the challenges, brokers can work to defend against these threats is by ensuring they have a tech platform which allows your business to continue to demonstrate your worth in an increasingly crowded market. Sophisticated tech platforms like Smartr365 provide businesses with the visibility, connectivity and collaborative tools required to manage the mortgage process from anywhere in the world.
Find out how a state of the art tech platform can provide your clients with the widest choice of products, as well as the support of a professional with a rich understanding of the current market as well as their current situation, plans and future requirements at the touch of a button. Helping you ensure you’re demonstrating your value and expertise at all time.
Schedule a demo here to learn more.