"As with every innovation, there are those who grab the advances with both hands, those who take their time before taking the plunge, and those who eventually accept the new reality."
In 1983, Motorola unveiled the world's first commercially available mobile phone. It would set you back around £2,600 and offered 30 minutes of talk-time, six hours standby, and could store 30 phone numbers.
Even though it was only affordable by those with very deep pockets, people were still amazed. It was the pinnacle of technological achievement at the time. This was an era where dialling a number still meant just that.
Fast forward 34 years to the iPhone 7 with its Wi-Fi and 4G capabilities, instant streaming, Bluetooth connection, Apps aplenty and a plethora of other technological advances. People are still amazed. It's the pinnacle of today's mobile technology.
Take the analogy across to the mortgage industry. In the 1980s conducting mortgage searches using information from floppy discs that arrived in the post was considered the pinnacle of mortgage technology. Now, floppy discs have been consigned to the history books and mortgage tech is moving with the times.
Using the latest mortgage sourcing technology we can now search through thousands of mortgage products, assisted greatly by the hundreds of search filters and criteria that can be applied to select the best product for a client in seconds, while point of sale systems allow advisers to efficiently and consistently manage the sales process and run their back office in a complaint and secure manner.
Recent technological advancements mean much more can now be done. The new version of the Key, for example, features a number of enhancements that makes it a primary tool in the digital mortgage advice process. This new version features a new online Fact Find capability, where clients can input their own personal information, saving advisers a huge amount of time gathering basic but essential hard facts on their customers.
The development of a secure Client Portal area also makes it easier than ever for advisers and their clients to digitally interact on cases. The portal can be accessed 24/7, and allows advisers and their clients to communicate with each other and share information and documentation in a highly secure environment.
Elsewhere, other recent advances in technology mean that mortgage advisers can now, for the first time, offer their clients a direct comparison between first and second charge mortgages on any device or platform, online or offline, and in any location. This is another major step forward in helping advisers to constantly meet the needs of their clients, while taking advantage of the latest opportunities with ease.
As with every innovation, there are those who grab the advances with both hands, those who take their time before taking the plunge, and those who eventually accept the new reality.
The point is that everything requires a certain amount of trust. It's very easy to become so comfortable with your existing systems and known ways of doing things that the thought of change fills you with fear. But like many things, once you’ve made the change you’ll wonder why you didn’t do it years ago.
What you need to remember, however, is that every company in the mortgage technology sector has similar goals: to produce technology that helps and supports advisers; helps them to react to and stay ahead of market changes; enables them to meet the requirements of the FCA; helps them to answer the ever increasing demands of consumers and the modern way in which they want their financial advice and support.
And in the meantime, your competitors are forging ahead. They are the ones working anywhere, on any device, using websites and apps to make them more accessible, earning commission through other areas such as conveyancing. They are the ones taking advantage of digital e-trading opportunities and using systems that link and integrate with other portals, meaning they can seamlessly move from page to page, system to system, without needing to re-key information.
For all that staying in a comfort zone can appear to be an attractive option, it really isn't a realistic one if you want to stay competitive. Keeping your systems and software up to date is an integral part of keeping your customers, gaining new ones and increasing your profits.
Trust the technology. It won't let you down.
