Most brokers say that having less time-consuming processes will allow them to advise more clients
Using technology could save advisers time equivalent to a working month each year, new research from Legal & General Mortgage Club has revealed.
The study mapped out the typical timescales for advisers to complete a mortgage journey and investigated the impact of digital tools on their work.
Data showed that intermediaries currently save an average of 41 minutes per case by using Legal & General Mortgage Club’s criteria search tool and affordability calculator tool, SmartrFit.
This equates to three and a half hours per week, or the equivalent of 137 hours over the course of a working year.
Clare Beardmore, head of broker and propositions at Legal & General Mortgage Club, noted that customers have come to expect a fast and smooth digital experience in every part of their lives and advisers need to make sure they have the tools in place to meet this demand.
“Selecting the right technology can allow advisers to work more efficiently, serving more customers in less time,” she said.
Read more: The role of technology in digital mortgages.
“Advisers who are slow to adopt this technology risk damaging their customer retention. Where they could be reaching out to new and existing clients, they may instead find themselves bogged down with admin, preventing them from doing what they do best – providing advice,” Beardmore added.
Almost nine out of 10 (89%) brokers surveyed agreed that having less time-consuming processes would allow them to advise more clients.
Meanwhile, 83% agreed that having more time with clients meant a greater opportunity for them to cross sell and explain the benefits of protection and additional products and services.
Overall, the brokers surveyed were predominantly positive about introducing more automation and tech into their day-to-day roles.
Almost a third (31%) of brokers said that digital channels play a critically important role in ensuring their business achieves its objectives, while 87% rank digital tools as a seven out of 10 or higher when it comes to importance.
Additionally, 88% of respondents think that they would like more automation and less duplicity in the affordability and criteria search stage.
Legal & General Mortgage Club said tech can also help advisers deal with some of brokers’ main frustrations.
When asked what they dislike most about their role, more than a fifth (22%) of advisers cited third party delays as their biggest frustration, followed by the duplication of tasks. Some 14% also said that they disliked the fact that the role was currently heavily process driven and admin based.
The figures used in the research were sourced from a survey conducted in January 2022. Legal & General polled 334 advisers who currently use the company’s SmartrFit technology, asking them about the role tech plays in their working life.
