In the past few months we have seen much being made about the impact on the industry of new lenders. With systems delivering point-of-sale offers, automated valuation modelling, and innovative new products, they have promised to change the mortgage world forever. But should the mortgage broker rely on lenders to make their lives easier? Or can they take steps now which can improve the efficiency and therefore the income generating potential of their business.
Investment in technology can only benefit the intermediary if it reduces the amount of time spent in front of a computer screen, rather than increase it. Having to remember many passwords, log-ins and continually updating online can be a real barrier to the success of a business. That’s why an integrated client management system (CMS) can add real value to the broker, not only in terms of reducing administration, but also for managing compliance and regulatory responsibilities. One set of data, multiple uses.
The real benefit of a CMS is the ability to integrate with other systems such as sourcing engines, online trading platforms and electronic diaries cutting down the need to replicate data input and reducing the possibility for error. Combine this with scanning facilities, electronic ID and money laundering checks and we are really close to meeting the intermediary’s demands for a effective and efficient paperless office.
At the end of the day, the way an intermediary manages their customer base is crucial to the growth of their business. Choosing the right technology is key and can prove to be the difference between retaining and winning new customers.
