Business Man on Computer

Study shows mortgage advisors must be tech savvy to succeed

December 4, 2019 by Heidi

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.

Written by

Heidi
Heidi

You may also interested in:

Twenty7tech adds to sales leadership team

Twenty7tec has announced the expansion of its team of sales managers with the recruitment of two new people to senior leadership roles.

Figures show advisors searching for more remortgage products

The number of searches for remortgage products carried out by mortgage advisors rose during the first quarter of the year, according to the latest figures released by Legal & General.

Mental health charity ball announced for UK mortgage industry

The two men who put together the Mortgage Industry Mental Health Charter (MIMHC) have organised a charity ball for later in the year that will be