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Brokers wasting time with out-of-date tech

Brokers wasting time with out-of-date tech

Mortgage brokers are wasting time by only using a fraction of their processing system’s functionality due to poor user interfaces, according to a software firm.

Speaking to FTAdviser, 360 Lifecycle managing director Carlos Thibaut explained that the systems that most firms currently use have such poor integration that advisers are struggling during fact find sessions.

“Brokers are trying to reduce the barriers for clients, but given the weight of data required since the MMR, it’s becoming increasingly difficult to get the job done from fact find through to point of sale.”

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Lifetime Group launched the 360 Lifecycle solution back in May, across its user base which includes the HomeLoan Partnership and iPipeline. Since then it has also been picked up by around 3,200 advisers on the Intrinsic network and around 400 on the HomeLoan Partnership network.

The system promises to integrate front and back office administration processes, helping brokers undertake product research, obtain quotes and submit new business applications.

Mr Thibaut stated that it can significantly cut down the time taken to work through the mortgage application process, freeing up advisers to engage better with clients and have conversations about things like additional protection insurance.

“Other providers are still using very old technology, simplistically it’s just the old paper-based process transferred to digital, rather than working up a more intuitive system from scratch,” he added.

Earlier this month, Mortgage Brain’s chief executive Mark Lofthouse argued that brokers are only using 20 to 30 per cent of the technology available to them and challenged the industry to embrace digital advancements to improve client engagement.

He called for more integration and estimated that many brokers are only using 20 to 30 per cent of their existing systems.