" They might look covetously at what is happening in the direct-to-consumer space and believe intermediaries are somehow being let down and left out"
And then there will be those pieces of hard and software which might make you feel a little better about your (or your employees’) working environment but, perhaps when push comes to shove, are not really going to add anything substantial apart from a different aesthetic. We’d all like big screens, perhaps even multiple screens; we’d all like the latest tablets to take out to clients, and without doubt it would be nice to have the very fastest fibre broadband, but sometimes you can’t do it all.
As mentioned though, there is a ‘baseline’ technological requirement for a mortgage adviser and this is true of any stakeholder in our sector; we all want to work at a consistent level and therefore all parties need to have (at the very least) a certain standard of tech.
It’s with this in mind, that I’ve read with interest the recent criticism made by some brokers about the standard of technology they get to use, making comparisons with the direct to consumer systems that are rolled out regularly in order to conduct business directly with borrowers. There seems to be something of a ‘popular misconception’ that lenders are using their ‘best technology’ when it comes to ensuring, for instance, existing borrowers can product transfer to another deal, however when it comes to the systems intermediaries have to engage with, that level of slickness and ‘use-ability’ are simply not there.
Now, there has been a lot written in recent times about how lenders continue to react to the growth and strength of the mortgage intermediary community, and we’ve seen a lot of positivity and recognition that securing business via our distribution channel is the way forward. At the same time, especially for the bigger operators who have branches or have large-scale direct-to-consumer operations, there is clearly an ongoing commitment to provide those with products, and for those direct-side operations to keep on performing as they did pre-MMR.
For what it’s worth, and I’m conscious that lenders do often take a continual bashing, all the lenders we work with – especially in terms of tech integration and what we do offer with Revolution – are 100% committed to helping us use the technology we have to help our member firms, and individual advisers. From my perspective, lenders seem to be in a no-win position, because they will often receive criticism whatever they do, however I think there has to be credit given where it’s due.
We’ve certainly seen a huge improvement in many lenders’ systems and processes, and the tech that we integrate with now, and that which advisers use, has moved on leaps and bounds in recent years. Clearly, the level of technological innovation and change we’ve seen during that time has been quite phenomenal; the point is that lenders are often large organisations that require time to develop and integrate that level of change into their systems. These are not simply one-day upgrades, but can require many months to adapt the legacy operations that come with having been a big presence in the mortgage market for many years.
So, while some might be quick to knock what lenders offer, in our experience, advisers are getting systems which are much quicker, efficient and effective than they’ve ever been. For some, it will never be enough, and they might look covetously at what is happening in the direct-to-consumer space and believe intermediaries are somehow being let down and left out, but again that’s not the way we have worked with lenders, and it’s certainly not the focus of those who are at the sharp-end of delivering the tech that advisers use. In my view, it’s more than fit for purpose and we should seek to work closer together rather than attempting to drive a wedge through a relationship which needs to work for all parties to succeed.
