Advice is at the forefront of this industry
Despite better technology, educated consumers and a multitude of new products, the best customer outcomes will always come with advice, according to tech chiefs Mark Lofthouse and James Tucker.
Speaking on how brokers can get the most out of sourcing systems as part of the latest Accord Growth Series podcast, the CEOs of Mortgage Brain and Twenty7Tec agreed that they saw intermediary advice as crucial in the delivery of a “smooth customer journey.”
Mortgage Brain’s Mark Lofthouse commented that given the number of mortgage products has increased from 4,000 to more than 13,000 in the last five years, it was exceptionally difficult for brokers to be able to know every proposition that might be suitable for their client. Add to that affordability complexities and criteria changes, sourcing systems enable suitable products to be easily identified, allowing the broker to spend more time understanding their client’s needs.
When asked about the role of the regulator, James Tucker, CEO of Twenty7Tec which provides MortgageSource, felt they should be commended for encouraging customer choice and access to mortgage products. However, as the next generation of clients have an “expectation to self-service in all elements of their life,” it’s more important than ever we use using technology alongside face-to-face advice to add value to the consumer journey.
Podcast host and Director of Intermediary Distribution at Accord Mortgages, Jeremy Duncombe, said: “There can be a tendency to fear technology, believing it will replace the human engagement that is integral to our industry. It was refreshing to hear both Mark and James dispel those myths and acknowledge the role of systems such as MortgageBrain Anywhere, MortgageBrain Classic and MortgageSource as enablers, supporting brokers to access the most comprehensive product range to then base their advice on.”