2020 has been a watershed year for the adoption of technology in the mortgage industry. Read on to find out why digital processes have become more centralised than ever, how we have contributed to technological innovation this year, and what our key predictions are for 2021.
Technology in 2020
Social distancing restrictions have forced brokers to replace in-person processes with technology to prevent mortgage applications from stalling or being abandoned altogether. This necessity greatly accelerated the development of tech, meaning that intermediaries now have the means to offer digital ID verification, online fact finds, and seamless integrations between stakeholders. Video conferences have also ensured that “face-to-face” client interaction has not disappeared.
As part of this, we consolidated our commitment to continuous development through our ‘You Asked, We Built’ commitment on the Smartr365 platform in August. Through this, our users share what features would help them thrive, and we build them.
While many brokers are currently held as ‘data prisoners’ to other platforms by lengthy, mandated contracts which stunt growth and technological development, Smartr365 gathers real-time user feedback to drive change in the industry from the inside out.
The outlook for 2021
Following the significant uptake of technology this year, many consumers now expect more from their brokers in terms of an efficient, remote mortgage application process. 2021 will provide a great opportunity to capitalise on this technology and continue improving the efficiency, accessibility, and security of a number of mortgage-related processes.
Furthermore, we expect ‘Open Banking’ to be a key area of growth in the new year. Open Banking allows an individual’s financial data to be shared securely between different parties. While ongoing Brexit negotiations may have stalled progress this year, the 1st of January 2021 will bring greater clarity for businesses dealing with the EU, including how data is managed and shared. As such, once the dust settles, we expect Open Banking to return to the fore and herald a new era of digital financial services.
In the meantime, it is clear that we must build on the momentum achieved this year to keep up with demand and maintain growth in 2021 and beyond.
Find out how Smartr365 can help your business stay up to date with the latest market changes and be at the forefront of the action by scheduling a demo here: https://www.smartr365.com/contact-us/