New digital services and tools are driving the mortgage sector and improving customer experience, according to a recent report.
IRESS released its Intermediary Mortgage Survey Report for 2018 with the help of the Association of Mortgage Intermediaries and Intermediary Mortgage Lenders Association. The findings show technology and digital transformation are helping business rise in the mortgage industry.
Henry Woodcock, the principal mortgage consultant of IRESS stated: “It is clear from this year’s survey responses that technology is becoming increasingly central to intermediaries’ and lenders’ thinking, with mentions of big data, artificial intelligence, chatbots, blockchain, digital brokers, mobile apps, open banking and the API economy more prevalent than previous years.”
Improving mortgage experience with better access
The survey found lenders are continuing to improve the online experience for customers and intermediaries in a variety of ways, including by investing in portals. Most lenders also provide real-time case tracking, in addition to optimising portals to be used on portable devices. These improvements are to meet the demand for better access.
Mr Woodcock commented: “In the face of consumer demand, the mortgage market continues to embrace technology to meet intermediary and customer expectations for a smoother, quicker, more efficient mortgage buying experience.”
Earlier this year, the Royal Bank of Scotland Group adopted DigiDocs, which allows customers to complete their entire mortgage process online. This 100% paperless mortgage makes the process easier and quicker for everyone involved, in addition to saving the lender money and transforming the sector as a whole.
Customers benefitting from the digitising mortgage industry
The mortgage process has been stressful for many, so customers have sought after changes to improve the experience. A recent survey by online mortgage broker Trussle identified that 25% of homeowners had a stressful experience during their most recent mortgage process. Further digitising of the mortgage industry is proving to be a productive way to improve customer experience.
Nowadays, more UK customers are looking online to find a mortgage broker. Not only can people apply for mortgages online from the comfort of their own homes and out of traditional office hours, they can even have their mortgage monitored by algorithms that notify them if there are better deals available. These improvements save customers time and money and offer more flexibility and clarity.
There is still more to do to continue advancing the mortgage industry, and embracing technology will continue to play an important role to keep up with demand and competition. However, it is certainly positive to see mortgage lenders supporting the increased digitisation of the sector.
At this rate, customers will continue to find cheaper, faster, and smoother access to mortgage finance in the future.