The growth of digital technology is altering consumer expectations of the mortgage market, research published for the Council of Mortgage Lenders (CML) suggests.
The ‘Digital Change and Mortgage Borrowers’ research conducted by Accenture argues that technology has the potential to make it clearer what individual lenders have to offer, thus driving competition.
The research also found that 84% of companies believe technology could improve customer experiences and relationships and 68% reckon it could put customers in greater control.
Paul Smee, director general at CML, said: “This report highlights the enormous potential of technology in the mortgage market.
“The pace of change will not slow, and firms will need to ensure that their plans for developing technology are underpinned by the clearest possible understanding of all the implications of digital change.”