If the mortgage market is to sustain its growth, it must invest in technological innovation. While remote working has provided an excellent springboard for this, there is a growing issue of brokers becoming ‘data prisoners’ to their tech platforms. This means they are trapped by mandated contracts or complex methods of storing data. Read on to see how this is affecting competition and innovation in the industry here:
Brokers can be held as a data prisoner in two ways. The first is through a deliberately prohibitive, mandated contract. It is commonplace for brokers to be pushed to use certain tech platforms by their networks. These platforms then use 3- year rolling deals to retain users, which stunts competition in the market since platforms are not having to win new business legitimately.
Additionally, some tech platforms hold users ‘prisoner’ by using deliberately complex data retrieval methods. These trap brokers into using outdated platforms because it means they are unable to mass migrate client data if moving to a new platform. The challenge of migrating all of their data to a new platform manually encourages brokers to stay put, further hindering competition, and eliminating any need for the platform to improve.
Despite this, the pandemic has presented an excellent opportunity for tech in the industry. We have witnessed a significant uptake of exciting solutions and many brokers are now able to offer clients online fact finds, digital ID verification and seamless integrations between stakeholders. This is creating a large disparity between brokers who are tied down with outdated tech, and others who are thriving through sophisticated tech innovation.
At Smartr365, we are committed to pursuing innovation to help our users thrive. This year we made a significant push to improve the user experience on our platform to give brokers what they really want. Our ‘You Asked, We Built’ commitment gathers real-time user feedback that drives the changes we make within the platform.
Schedule a demo with Smartr365 today to see how we are driving innovation in the industry here.