New research from finova, the UK’s largest cloud-based mortgage and savings software provider, has today revealed that nearly half (46%) of brokers always encounter a technical issue or glitch with lenders’ technology. This is despite several lenders investing in new digital tools in recent years.
The research is from the next set of findings from finova’s recent report, Homeownership in the digital age.
Lender tech upgrades fuel admin burden for brokers
Brokers are now spending more time on administrative tasks, with 58% dedicating 5-10 hours per week and 41% spending 11 – 20 hours. Naturally, this takes time away from what brokers do best and widens the advice gap by limiting their ability to focus on clients – while putting equal pressure on profit margins. In fact, 73% of brokers report spending more time on admin since lenders have upgraded their technology, suggesting that these advancements are not having the desired effect on advisers’ workloads.
For brokers, the most-time consuming aspects of processing applications include communicating with lenders over changing rates and criteria (48%), scanning and digitising physical documents (47%), and ensuring these documents meet quality standards (47%). This presents a significant opportunity for lenders to tackle these pain points and invest in technology that truly reduces the burden on brokers.
Brokers demand smarter solutions to streamline workflows
While most brokers (90%) agree that lender technology has helped ease their workload, they’re still pushing for smarter solutions to tackle key inefficiencies. Nearly two-fifths (38%) are calling for improvements in user interface and experience (UI/UX), while 37% emphasise the need for stronger security, faster platform speeds, and better integration with their own systems. Access to responsive customer support and training is also a top priority for 37% of brokers, highlighting areas where lenders can make a real impact.
Chris Little, Chief Revenue Officer at finova, commented:
“Although mortgage product availability has improved, borrowers are still grappling with high rates and we’re yet to see meaningful reductions after the base rate cut. In this ever-changing environment, brokers are under increasing pressure to process applications swiftly and accurately. Collaboration between lenders and brokers has always been the foundation of a thriving industry, and our findings underscore the need for even closer collaboration. By targeting tech investments in the right areas – like streamlining communication and improving system integration – lenders can free brokers time to focus on what truly matters: helping their clients secure the best possible mortgage to suit their financial circumstances.”