The mortgage industry has a moral obligation to free ‘data prisoners’


While the mortgage industry has taken commendable strides to implement digital solutions at an unprecedented rate throughout the past year, the market still lacks innovation. Many advisors are currently imprisoned by mandated contracts that make data retrieval expensive and or time consuming. Read on to find out about Smartr365’s commitment to transparency and why we’re calling on others in the industry to review how they handle client data.

The exact number of advisors held as ‘data prisoners’ is unknown. It is also extremely difficult to estimate as many intermediaries will not realise that they are being held captive to systems until they encounter various intentional barriers as they try to leave.

Advisors typically become imprisoned to systems in two ways. The most common is through mandated contracts, with many firms restricting brokers to specific technology platforms because of paid partnerships. This wrongly allows financial motivation to hinder any sense of competition. Such contracts can also include rolling agreements and challenging break clauses aimed at making leaving the platform as difficult and tiresome as possible. Others may find themselves trapped by high fees for leaving the platform, for storing data over a certain size or for onboarding new users.  

In contrast, Smartr365 is built by brokers as a ‘plug and play’ system and so puts user experience at the heart of all developments. By this we mean that we don’t believe in hidden charges, surprise additional costs or restricting a client’s ability to leave our solution. We also use a .CSV sheet to transfer all client data to our platform, meaning all the client has to do is copy and paste the desired columns of existing data into our format and allow our support team to finish the rest.

Our feedback supports this, with most users only requiring 1 or 2 short training sessions to master our system. Don’t believe us? Book a demo today to be guided through our platform by our talented team!