The pandemic has undoubtedly altered the way that many think, work and spend, to name just a few changes, but what have the key lessons been for the mortgage industry, if any? Although it is fantastic to see the world beginning to slowly emerge from various lockdowns, we must now take time to reflect on the lessons learnt along the way. Read on to find out about three key take-aways that the mortgage industry must keep in mind as it begins to plan its new and improved ‘normal’.
1. Tech is a friend not a foe
It’s important to remember that technology is designed to help advisors, not replace them. Though some advisers have traditionally been sceptical of a move away from in-person meetings and paper-based documents, the industry has made great strides towards digitalisation in the past year and we must continue with the same determination if we are to reach the full potential of our digital aides.
2. The homebuying process is now a digital-first experience
The pandemic has raised customer service expectations across all sectors. Many homebuyers have enjoyed the convenience of the digital elements of the homebuying journey that were introduced as a result of social distancing regulations and expect these to be a permanent fixture.
With customers already spoiled for choice in terms of the range of advisers and lenders operating in the market, the industry must continue to push for further technological developments if it is to meet this changing consumer demand and retain business.
3. Advice will always remain key
Although the way that advice has been delivered has shifted dramatically in the past 18 months, it is still the advice itself that drives the development of the industry. The importance of specialist advice had also been brought into sharp focus over the past year as advisers faced a growing number of complex cases as the economic impact of the pandemic unfolded. It’s important that the industry adopts time-saving tech if the quality of advice is to be maintained amid the growing demand.
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