Technology is beginning to impact upon the intermediary mortgage sector, as it has upon so many other areas of the financial industry, and advisors must be able to use it to their advantage to succeed in 2020.
A recent report that the IMLA published found that, based on Google search trends, online searches for mortgage advisors had risen by 180% during the past half-decade, indicating that people are looking online for mortgage help as well as for loans. This presents some issues for the industry though, as a quarter of all UK brokers have no website, while a mere 8% of those with websites are taking advantage of customer-friendly tools such as instant messaging or mortgage calculators.
The rising number of people who are searching online for guidance over their mortgage options suggests that keeping up to date with the latest helpful technology is almost as crucial to the success of an advisor as getting their CeMAP qualification. After all, there is the possibility that tech could replace those who don’t.
Digital brokers that employ algorithms to identify suitable deals already exist, but most people would always prefer to be advised face to face when trying to find the right mortgage. This is because living, breathing advisors can think flexibly and identify solutions in ways that a digital broker cannot, but they need to have a strong online presence before people looking for a mortgage can choose them.
The successful mortgage advisors of the future will combine CeMAP training with tech savviness.