Technology has revolutionised many industries: the hotel industry has AirBnB, taxis have Uber and diners have Deliveroo, but what could technology hold for the future of the mortgage industry?
“The mortgage industry is rarely at the front of the queue for innovation,” says Mark Lofthouse Chief Executive Officer of Mortgage Brain. However, technology is beginning to be used around the world to enhance the consumer experience to buying property, whether it’s an app or another form of technology, digital enhancement of the mortgage market is still in its early days but is becoming a more popular concept for consumers and providers across the globe.
“I’m not saying these ideas are feasible or even attractive but we shouldn’t close our minds to them or discount the idea that someone, somewhere, could be working on something radical”
“Robo advice’, however you interpret it, is commonplace in areas such as car and home insurance and it’s now in its early stages for mortgages,” Mark explains. “No one, however, has yet invented the mortgage industry silver bullet; the idea that could transform the industry.”
Mark speculates that it could be something that allows consumers to have mortgages tailor made or mortgages that automatically change whenever a new and more desirable product becomes available.
“I’m not saying these ideas are feasible or even attractive but we shouldn’t close our minds to them or discount the idea that someone, somewhere, could be working on something radical,” he says. Fortune telling may be all that is possible right now but if innovation can improve the customer’s experience then it’ll be vital that both technology and provider work hand in hand. Mark adds, “This means moving with the tech times and offering as high a level of professionalism as possible.”