A survey conducted by the bank indicated that a third of brokers believed they could run their businesses and retain clients without using the web.
However, 68 per cent of those questioned as part of the study admitted that by not using the internet effectively they would lose business, with 58 per cent arguing that the internet helped make the mortgage process more cost-effective.
Over 75 per cent placed business with a lender online, with more than 80 per cent of those questioned admitting to using e-mails to correspond with clients.
Jackie Moran, head of sales proposition at Standard life Bank, said: “As the internet increasingly becomes the backbone of business, it’s crucial that neither lenders nor intermediaries get left behind. Nearly 70 per cent of advisers we interviewed predicted that introducers who do not use the internet effectively will lose business.”
“By working alongside one another, they can develop and improve their online propositions to ensure that clients receive the most efficient, cost-effective service. Improved service can only help to strengthen client relationships, which is key in today’s competitive market place.”
Kim Barrett, proprietor at KS Barrett & Associates, admitted that intermediaries could not afford to ignore the internet. He explained: “I couldn’t do business at the pace I currently do without the internet. Many lenders now have their application forms online rather than paper copies that you keep, and the Financial Services Authority also requires you to do your reporting online, so I can’t see how intermediaries can work without using the internet.”
