Competition is making more brokers adopt technology to keep ahead

21 May 2018

According to Criteria Hub, the online deep search criteria engine, which recently announced a partnership with Openwork to provide access to its platform, mortgage advisers are embracing new technology faster than at any other time since the credit crunch.

A recent survey of CH users has revealed that competition is the main reason why brokers are looking to technology to help them keep ahead of their peers. The competitive nature of today’s marketplace is ensuring that customers not only have greater choice of products, but also of professional brokers to advise them.

According to Jason Hegarty, Director of Criteria Hub, this has led to more entrepreneurial advisers seeking ways to improve their service and strengthen the ways they ask for referrals.

He said, “Providing a great mortgage service has many moving parts and because of the way in which advisers have to rely on others, such as lenders, conveyancers and surveyors, means that if any of these break down, ultimately the blame falls on the broker. To counteract this, savvy advisers are telling us that they are making greater use of technology in order to minimise potential road bumps in the process.

Clearly, using a sourcing system is a given, but making use of online conveyancing and valuation services which provide proven service standards, as well as the increasing use of online platforms that bring full lender criteria under one roof, are helping advisers create a smoother mortgage path, saving time and helping to avoid much of the uncertainty when you have to rely on so many third parties to reach successful completion.”