"There is definitely an education piece that is needed here on the value of a broker, particularly as the market becomes more digitised. "
FR: You became marketing director for Primis and PTFS earlier this year - what additional day-to-day responsibilities has this seen you take on?
I am responsible for developing the marketing strategy for both Primis and PTFS, following the success of our merger earlier this year. This means bringing the best aspects of each network together to create a world-class marketing team and proposition so that more brokers can better support their clients.
The biggest addition to my responsibilities is ensuring the enhancements made to each of our newly combined networks are reflected in every stream of the business. This is alongside my focus on digital marketing, improving user experience and transforming our marketing strategy to keep up with the ever-evolving market. It is very exciting to be leading a strategy within an industry that is constantly undergoing expansion and improvements. Ensuring our teams are up to date with changing regulations and demands lies at the heart of this.
FR: Having been with the PTFS brand for 10 years now, how would you say the marketing strategy of the business has changed since you began?
Our strategy is continually evolving and is probably unrecognisable from 10 years ago! With the wider market changing and developing so frequently it is paramount we stay abreast of this. This is supported by a fluid and agile business model that is adaptable in response to customer and market trends. The regulatory framework that forms the bedrock of the mortgage market means we have to be able to move quickly if there is ever any regulatory change – and the past few years have seen an awful lot of this!
One of the key focuses within Primis and PTFS has been driving new blood into the industry. We have achieved this by offering mentoring schemes, academy workshops and specialist new entrant training for the protection and general insurance divisions. Placing a genuine focus on our industry recruitment means we not only retain the best talent but we’re continually on the lookout for new high achievers that can bring a breath of fresh air and new perspective to the business.
Finally, demand for specialist advice is more prevalent than ever as there are a growing number of borrowers with complex needs. This means we must tailor our marketing to meet the needs of these borrowers. More and more customers now fall outside of the traditional cookie-cutter criteria set by the high street lenders. ‘Niche’ is quickly becoming the new ‘normal’ and we want brokers to know they will have access to a range of appropriate lenders and products who can cater for these needs. It would be great to see more mainstream lenders delving into this area of the market next year, though.
FR: How would you say the mortgage industry needs to market itself to keep up with the growing demands of customers?
People will always want to buy their dream home, and mortgages invariably allow them to do so. However, there is a need to increase consumer education on the value of advice. This is where the marketing focus should lie. Younger generations may go direct to lenders without understanding the benefit of more specialist advice, for example. And it’s not just at the start of a mortgage journey. Borrowers also need better education on how wider industry changes may affect them once they have a product in place – with the base rate frozen for over nine years, how many people thought they were on a fixed rate, when they were actually on an SVR?
There is definitely an education piece that is needed here on the value of a broker, particularly as the market becomes more digitised. I strongly believe brokers will remain at the heart of the mortgage process – they are the glue that holds the market together and it is important that technology is seen as an extension of adviser services, not a substitute. If the sector can market itself in this way, I think consumers will benefit from a slick, streamlined, hassle-free processes with the added human touch that is needed when making big life decisions such as taking out a mortgage.
FR: How can brokers ensure that the technology evolution within the market is useful and accessible for all customers?
My mantra here is ‘embrace rather than avoid’. A utopian world would see tech doing 90% of the work for 10% of the value, and brokers doing 10% of the work for 90% of the value. As more and more challenger banks and small niche lenders join the market, it is increasingly difficult for humans to know and apply the vast range of criteria. Tech should improve the customer experience for all stakeholders including the customer, broker and lender. In turn, reducing the risk of inappropriate advice.
Technology is all about making lives easier – whatever the part in the mortgage process. It enables intermediaries to do what they do best – provide bespoke advice for their clients. There is a huge tech opportunity in the industry at the moment and companies will battle it out to fill those gaps and become market leaders. In order to ensure this technology evolution is useful and accessible for customers, brokers must ensure the tech they’re adopting is fit for purpose and isn’t going to fail to deliver. Mortgage networks are best placed to advise on this, supporting brokers so that they can provide the best possible customer outcomes.
FR: What do you see as the biggest issues facing the mortgage industry across the next year?
2019 is set to be another rollercoaster ride of consumer needs and trends. These can often change on a daily basis so ensuring our products, panels and propositions stay relevant is no mean feat. With the industry expanding to create a wider product offering, the level of competition is likely to surge over the next year, particularly with more specialist lenders entering the market, each offering more competitive rates than the last. This level of choice can often be daunting for customers – which is where the intermediaries and tailored advice comes into its own.
Simplification of the mortgage process is also a challenge that urgently needs tackling. The end-to-end process can often feel a decade behind the rest of the world; but the process can be executed and delivered in a modern way. Offering technology that provides both ease-of-use and efficiency will be a key differentiator for lenders over the next year, as customers look for those providers that promise a simple, hassle-free journey.
