Mortgage brokers should not fear robo-advice

Michael Lloyd

November 12, 2018

Instead of fearing technology brokers should welcome it by adopting its efficiencies, product and service providers concluded at the HL Partnership’s Annual Conference in Stratford upon Avon.

Speakers also argued for the significance of regular customer contact and review and demonstrating the importance of human experience and knowledge to the customer journey that online services cannot match.

Chris Tanner, chief executive of HL Partnership, said: “It was clear from speaker after speaker that while technology is definitely going to have a huge impact on the mortgage industry, far from being a negative threat, brokers, who recognise that their unique skills can only be improved by the adoption of technology, will continue to thrive.

“By working proactively with their client bases, mortgage brokers’ distinct human USPs are more than a match for robo advice businesses and lenders who will aim to tempt broker customers to go direct.”

Tanner said that the changes that technology brings, also highlighted the value that brokers need to place on their client base.

He added: “It is the singular most important resource we possess, and we can no longer be complacent, thinking that our customers will always be there.

“Without regular contact and review, customers are far more than likely, in the first instance, to seek help from online sources in the same way we go to the internet to purchase more and more of our goods and services.

“So frankly, if we are too lazy to keep up with our customers, in today’s market we have no one but ourselves to blame if they go elsewhere.

“To thrive in this market, the new technology wave is a force for good, in that it has forced us, as an industry, to re-examine how we operate and those who cannot adapt, will find life very difficult.

“At HLP and sister company, MSN, we have invested heavily in providing members with the tools that modern technology provides, and it is heartening to see so many of our members embracing it to maximise the efficiencies that it brings and increase the opportunities to generate new business.”

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