This figure accounts for just under half of all retail mortgage lending last year, but 64 per cent of mortgage brokers think that more than half of all their business will be transacted electronically in four years time. A further 30 per cent expected 21-50 per cent of their business to be transacted electronically by 2008.
According to the research, the majority of brokers or 65 per cent, felt their dependence on technology will increase as a result of mortgage regulation, with an overwhelming 97 per cent saying it is ‘very important’ or ‘important’ to have modern technology in place to deal with the changes to the current regulatory regime.
Despite this, 59 per cent of respondents said they weren’t getting the greatest potential out of the technology that they have installed, with 33 per cent saying this is due to lack of expertise or training.
Charlie Musson, spokesman at The Exchange, commented: “According to 62 per cent of Technology Index respondents the most important benefit of technology is improved efficiency, while 17 per cent named improved customer service, with 12 per cent citing reduced costs to the business.”
