Standing still is not an option
Jay Naylor (pictured) is marketing director at PRIMIS and PTFS
No company can afford to stand still. Just look at the high street. Retailers which have not adapted quickly enough to the online shopping revolution have seen their business models hammered by Amazon and changing customer expectations. The mortgage market is also being affected by disruption and it is crucial that advisers stay on top of industry trends, innovations, emerging technologies as well as regulatory changes.
A diverse, wide audience
Over recent years, the mortgage industry has expanded to be able to cater for a more diverse borrower range, including offering specific products and rates for the self-employed, those with adverse credit histories and contract workers. Forward-thinking advisers are spotting the emerging trend of lending into these niches and are developing advice offerings to cater for the demand.
For advisers, this widening pool of borrowers provides the opportunity to focus on a niche area of the market. This could mean focusing entirely on the growing number of self-employed borrowers and the solutions available to them, or on helping borrowers who keen to build their own property, or alternatively, tapping into the landlord market. To give an example, the self-employed sector has grown by over 1.5 million people over the past fifteen years, and therefore represents a fantastic opportunity for advisers’ keen to specialise.
Whichever market niches advisers choose to target, innovation in technology is helping brokers address the expanded market in an engaging, cost-effective and efficient way. Many advisers have adopted a ‘digital first’ throughout their business, from the customer experience to the back-end processing solutions. Some enhancements such as automation of data fields have enabled advisers to spend less time on data input and more time with customers. Advisers who are able to deliver a truly blended approach balancing technology developments and solutions with in person support will be meeting customer expectations in today’s marketplace.
For PRIMIS and PTFS we spend considerable time and resources to ensuring our proposition remains at the forefront of the industry. We are committed to the positive impact that technology can deliver whether it be for brokers, lenders of clients.
The expansion of the specialist market has also enabled a diversification in lender solutions. At PRIMIS and PTFS we continually review and update our panel to provide solutions for all sectors of the market.
The speed of change within the mortgage market is only likely to accelerate and those that do not keep pace with industry developments could see challenges from new entrants and competitors with a more forward-thinking philosophy.