The use of technology solutions with Open Banking should end the ‘horrendous’ paper train advisers have to ensure, Connect for Intermediaries chief executive Liz Syms said today.
She was speaking as part of the residential mortgage panel at the FSE Wales exhibition at the Celtic Manor Resort, near Newport, South Wales.
The panel were asked about the introduction of Open Banking and how it might benefit mortgage advisers as take-up increases.
Syms said: “I think we’d all agree that the paper trail advisers have to go through is pretty horrendous at the moment.
“Technology, and Open Banking in particular, reduces that paper trail and that can only be good for both advisers and clients.”
Paul Weatherhogg, key account manager at Metro Bank, suggested that while Open Banking had not yet changed the way advisers work yet, it would do in the future.
He said: “This will happen. It is already in development in a fairly advanced stage and is moving along.
“There are of course a number of players in the market and we, as Metro Bank, need to decide which one we will use.”
Simon Read, managing director of Magellan Homeloans, felt the top six lenders adopting open banking haven’t been helpful in ensuring it gets rolled out to the rest of the market.
He said: “The ‘Big Six’ have made this as difficult as possible to be put into the market and made it hard for all others to actually use it.”