The mortgage broking industry is undergoing a significant transformation, driven by advancements in artificial intelligence (AI) and digital tools.
For broker firms looking to improve efficiency and better serve their clients, embracing technology is becoming essential. By adopting innovative solutions, brokers can enhance compliance, reduce manual tasks, and provide a seamless customer experience.
One firm that has taken this on board is Chester-based Green Mortgages, which has committed to a 95% paper-free, digitally enhanced advice process. While its experience is unique, its journey provides valuable insights for other broker firms considering the integration of technology into their operations.
Embracing digital change
Green Mortgages, launched in 2018, identified evolving customer expectations as a primary driver for change. Fewer clients wanted face-to-face meetings, preferring digital interactions like email, video calls, or even WhatsApp. This shift prompted the firm to go “fully online,” aligning its services with client preferences for speed, convenience, and ease of use.
For many broker firms, understanding customer behaviour is critical. Digital engagement not only meets client demands but also positions businesses to keep pace with an increasingly tech-driven market.
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Partnering for progress
Green Mortgages partnered with technology provider Sikoia to identify areas for improvement and integrate solutions that could streamline its operations. Through AI-powered tools, it addressed key challenges, including customer verification, document processing, and administrative workflows.
Sikoia’s Document Insights Solution automated labour-intensive tasks like verifying bank statements, payslips, and tax returns. By incorporating tools such as open banking and affordability snapshots into its CRM, the firm saved time and enhanced accuracy in lender assessments.
These improvements reflect a broader trend: technology can relieve brokers from repetitive tasks, allowing them to focus on client relationships and strategic growth.
For brokers exploring technology adoption, starting small with targeted solutions – such as document automation or CRM integration – can deliver measurable benefits without overwhelming existing workflows.
Balancing technology with the personal touch
While automation brings efficiency, the human element remains crucial in mortgage advice. Green Mortgages, for example, sought to balance technological advances with personalised service. The goal was to free up time for meaningful client interactions, fostering trust, retention, and cross-selling opportunities.
Advisers may initially be cautious about adopting new technology, but as Green Mortgages demonstrated, incremental changes can yield significant advantages. Networking with peers and learning from early adopters is an excellent way to identify solutions that align with your business needs.
Overcoming challenges
One of the biggest hurdles for brokers is compliance. The introduction of Consumer Duty regulations has placed greater emphasis on transparency and reporting. Technology can play a vital role here by simplifying compliance requirements and ensuring consistent standards.
Another challenge is environmental sustainability. Mortgage applications have traditionally been paper-heavy, but digitisation improves efficiency and reduces waste. Green Mortgages achieved a 95% paper-free process, demonstrating how technology can drive operational and environmental benefits.
Looking to the future
The possibilities for AI in the mortgage market are vast, from tools that record and summarise client calls to AI-assisted customer application forms. While technology continues to evolve, brokers must remain adaptable, exploring new tools that align with their goals and client needs.
Green Mortgages’ partnership with Sikoia underscores the importance of ongoing collaboration. For brokers considering similar journeys, taking gradual steps, leveraging AI for specific tasks, and maintaining a strong focus on client service can help achieve long-term success.
By embracing the right technology, intermediaries can not only meet today’s demands but also build a foundation for sustainable growth in an ever-changing market.
