"For some, a shifting to a digital process is a big change. We need to support advisers on this journey and provide education on the benefits that can be unlocked."
FR: What is the key factor preventing a more widespread adoption of tech in the mortgage sector?
There are a couple of factors at play here. The first is attitude to change. For some, a shifting to a digital process is a big change. We need to support advisers on this journey and provide education on the benefits that can be unlocked. Most want to remove the cumbersome manual re-keying, but there are so many other benefits around lead acquisition, retention, and automated touchpoints which can make real difference to their business. A further factor is that the mortgage sector consists of disconnected fragmented tech. Real adoption will come from a truly connected ecosystem where information can be easily shared end-to-end.
FR: Where do you think the mortgage tech sector is headed in 2022?
Consumers have come to expect premium digital experiences across all sectors. We have seen how tech has allowed neobanks to disrupt the retail banking sector and I believe the same will happen in the mortgage industry. Homebuyers will be searching for an easy streamlined route to a mortgage. They want to share personal information from the comfort of their homes. Gone are the days where people print, sign and scan or post paper-based forms and copies of their bank statements. Adviser and lenders alike will want to capitalise on these new capabilities. We launched our HomeBuyer mobile apps last year in anticipation of this shift in expectations.
We are also seeing a shift in the attitude of the lender market towards open APIs connections. In 2021, we launched integrations with six lenders, and we see that trend continuing for 2022. We are working with several lenders to extend these capabilities to further connect and send real time updates on application progression. The networks and mortgage clubs are similarly looking to integrate their processes into mortgage platforms for enhanced efficiencies across compliance and MI.
FR: And beyond?
A fully integrated ecosystem where customer consented data can flow across all parties to create a frictionless mortgage process. Open banking data, for example, could be shared with all parties in a house purchase, which not only reduces fraud risk, but also streamlines the process end-to-end for consumers.
FR: How close is a fully digital homebuying process?
It’s not far away. In fact, using our HomeBuyer tools, a customer could enter all their fact find information, digitally verify themselves, connect their bank statements, review ESIS quotes online and then get updates as their mortgage progresses. We really have come a long way from paper-based forms! But much more can be done to further connect conveyancing and estate agents for a fully end-to-end digital process.
FR: What is your long-term vision for Smartr365?
Smartr365’s vision is about creating a frictionless mortgage journey for homebuyers and mortgage brokers. We believe that mortgage brokers will remain at the heart of the homebuying process, and ultimately, consumers want to feel supported during what is often the most important purchase of their life. Smartr365’s vision is to streamline the process so that mortgage brokers can spend more time on advice and homebuyers can enjoy a stress-free mortgage journey.
FR: Can you speak to your experience as a woman in a male-dominated field?
Having spent 10 years in the financial technology sector, I have often been the only woman in the room. While this can be intimidating, it’s important to remember that the best products and solutions are found when they are drawn from a diverse range of opinions and experiences. Homebuyers are diverse, so the people who design their services must reflect that as well to offer the right solutions.
This exemplifies exactly why being able to bring a different perspective is actually very powerful. Luckily at Smartr365, diversity and the sharing of ideas is truly encouraged within the team, which is what makes it such a great environment to work in – and what contributes towards the success of our products.
I do believe that on the whole organisations are getting better at understanding the value of diversity, but it’s still critical that those in leadership positions actively support and promote inclusivity.
