Almost half of U.K. brokers experience regular technical issues with lenders’ technology, according to a report last week by British mortgage software provider Finova.
46% of survey respondents said they “always encounter technical issues or glitches” when using lenders’ technology - though 90% said technology has eased their workloads.
“In this ever-changing environment, brokers are under increasing pressure to process applications swiftly and accurately. Collaboration between lenders and brokers has always been the foundation of a thriving industry, and our findings underscore the need for even closer collaboration,” said Finova Chief Revenue Officer Chris Little.
Brokers are also spending more time on administrative tasks, according to the report, with 58% using five to 20 hours each week. 73% said these tasks now take up more of their time since lenders began upgrading their technology.
38% of survey respondents told Finova they would prefer lenders’ technology to enhance its user interface. 37% said they would prefer greater security and better integration of lenders’ platforms with brokers’ systems.
The most time-consuming aspects of processing a mortgage lending application are discussing rates or criteria and digitising documents, according to the report.
“By targeting tech investments in the right areas – like streamlining communication and improving system integration – lenders can free brokers time to focus on what truly matters: helping their clients secure the best possible mortgage to suit their financial circumstances,” Little said.
Finova’s report also found that remortgaging has not yet been widely digitalised, with 53% of U.K. homeowners saying they have not tried remortgaging online.
"The research clearly shows that consumers are yet to fully adopt online remortgaging and there's a substantial untapped market. There's certainly an opportunity for lenders to enhance their digital platforms and outreach efforts,” said Finova Sales Director John Tilzey.