Nicola Firth: Be wary of end-to-end mortgage solutions
Knowledge Bank director Nicola Firth has warned that end-to-end mortgage solutions could lead to automated advice – potentially cutting out traditional brokers.
She was speaking at the FSE Wales show near Newport today at the Celtic Manor Resort.
Firth said: “End-to-end mortgage solutions’ could end up being problematic for mortgage advisers in the future if they result in a significant growth in robo advice propositions.
“Everyone appears to be chasing an end-to-end mortgage solution at the moment, but I would say there should be an element of be careful what you wish for. Are you not talking about an automated advice model?
“Robo advice is a big topic. I get asked all the time, ‘Are they really going to take our jobs? If pushed into a corner, I would say no because human interaction is so important when getting a mortgage.”
She added that the time is now when it comes to utilising technology: brokers can utilise CRMs, product sourcing, criteria searching systems, and lender interfaces.
Firth added: “My advice would be don’t stand back and wait and see what happens.
“Don’t wait and see who emerges as a contender. You need to engage and ask yourself, will it help me earn more, can it increase my productivity, and does it save me time?”