More than half (54 per cent) of sector professionals believe that mobile applications will give the biggest boost to the UK mortgage market over the next three years, new research shows.
A study by EDM Mortgage Support Services reveals that most mortgage professionals consider the importance of new technologies very high for the further growth of the market. According to them, mobile apps would take the lead in creating a positive customer experience and efficient service.
Other technologies seen as key to the mortgage market advancement in the future are centralised platforms (cited by 43 per cent of survey respondents), new distribution channels (29 per cent) and cloud computing (also 29 per cent).
Third party data providers would have less of an impact, with just 14 per cent of professionals identifying them as a key driver.
Half of experts said that broker exchanges would create growth and competitive edge.
Joe Pepper, managing director at EDM said:
“Our research has identified that the majority of mortgage professionals believe that new technology will be crucial in enabling innovative product development – and that competitive advantage will be best gained by enhancing the end customer experience. This is why we believe that mobile apps and broker exchanges score so highly in these predictions: lenders and brokers have to offer as convenient a service to customers as possible while also improving the efficiency of automated back office systems with effective exchanges and centralised platforms. A fragmented service that relies on high volumes of paper is no longer acceptable, something we are seeing in the recent interest in products such as EDM BLUE.”
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