This year’s British Mortgage and Protection Senate took place at the Brooklands Hotel, Surrey on 5 and 6 September.
The invitation-only event comprised of delegates spanning the financial services sector, where the topics of diversity, product innovation, protection advice and the economic outlook were discussed.
The day opened with an overview of the mortgage market from Oli O’Donoghue, head of mortgages at HSBC, who spoke about the improving financial position of consumers and the fast progress of technology.
This was followed by a panel discussion chaired by O’Donoghue with speakers Sian McIntyre, head of intermediaries and transformation at Barclays and Susan Allen, CEO of Yorkshire Building Society, who spoke about diversity and breaking barriers in the sector.
After, there were presentations on the economic outlook of the UK, where speakers spoke of how this would look under a new Labour government.
Unlocking innovation
Later in the day, there was a panel on innovation in the mortgage market where it was said that the circumstances of vulnerable people tended to inspire product development and ideas, but lenders were not always able to test niche offerings end to end.
The panel also said potential borrowers needed to be clear about the product they were receiving, which sometimes meant demand needed to be created.
“Being burned by the past” was cited as one of the biggest restrictions on current innovation as well as a lack of foresight about which part of the lending process would be the most challenging. The panel said “good solid feedback” from brokers helped to unravel some of these problems.
Will AI takeover the mortgage industry?
In the afternoon, delegates took part in boutique sessions, where lenders and providers discussed current topics with a small group of advisers.
One group discussed artificial intelligence (AI) and its potential impact on the role of mortgage advisers.
One participant said as advising on a suitable mortgage was probably just a tenth of a broker’s role, AI would not be able to dominate the whole process.
Another thing said all processes could potentially be digitised and as technology got smarter and better, AI could eliminate the role of administrative staff.
One participant questioned if this meant there would be fewer brokers, while another questioned when the broker would be able to provide the empathetic relationship built during the fact find if AI carried out most of the mortgage selection.
Another said it would depend on how much of the human process clients wanted to retain, while another said some saw AI as a means to autopilot the advice process, but others considered it a co-pilot to advisers.
Mortgage sector needs to take ownership of digitisation
On the second day, there was a panel discussion on digitising the homebuying process.
One speaker warned that a major tech company could monopolise the digitisation of the mortgage sector if the industry did not take control of this itself.
They also said the housing ecosystem was fragmented, and needed to be brought together.
Another said the introduction of technology was not enough to create change, business cultures also needed to evolve.
Another speaker said digitising the process should not be that difficult.
Take a look at the photos of the day:
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
