Financial technology – or ‘fintech’ as it is more commonly known – has been enjoying a boom in recent years and is bringing about big changes in the way that many business sectors operate. The fintech revolution has now started to impact the mortgage industry as well, but what role could it play in the future?
If distributors and advisors in the mortgage sector want this revolution to really improve the industry, the key will lie in knowing precisely what it is that they are looking for emerging technologies to do. What particular areas of the industry can be made better and more efficient by tech? Knowing this will enable those in the fintech world to work on providing solutions to those problems.
It is easy to be blinded by the possibilities of new technology and find yourself embracing solutions with multiple features that seem certain to impress customers, only to then find that most of these are inessential or difficult to implement. This can be the case away from technology too, with aspiring advisors pursuing endless courses to become qualified, when a CeMAP course offered by a reputable provider is all that they require, so those already in the industry can end up investing in tech solutions that don’t really help.
It is crucial to ask fintech providers intelligent questions about the solutions that they are offering, so that it becomes clear how they will be useful in boosting the mortgage industry and benefit individual businesses. If you know what you want from it, tech can give you the edge.
