This year will be “the tipping point” for tech adoption in the mortgage advice industry, according to Open Property Data Association chairperson, Maria Harris.
Speaking at Tech Talks, an event hosted by One Mortgage System, Harris argued this year the industry will reach “critical mass” and it will “actually feel like we’re at the point where we’re genuinely going to make a difference”.
However, she clarified that, while 2024 will be a “breakthrough” it will not be “in a big blockbuster way”.
The event came about as, according to OMS, the intermediary mortgage market has undergone a “transformative shift” over the last two to three years.
This shift has involved embracing technological advancements of which brokers and lenders have increasingly turned to digital solutions.
With the positive outcomes witnessed in recent years, there are “clear signs” this momentum will continue to surge in 2024.
LDN Finance chief operating officer, Greg Cunnington, said while there won’t be a “eureka moment” there will be “many marginal gains”.
These gains will lead to things looking “unrecognisable in 12 months from a productivity improvement perspective”, he added.
Message to the industry
OMS chief executive officer, Dale Jannels, said there will be “a lot of strides made forward next year” but added the biggest message to spread around being “don’t just think about it, get on with it!”
He explained: “Stop thinking about it, deal with it and do it because right now we’re in a relatively quiet period, so now is the time to start preparing for 2024 and 2025.
“Tech efficiencies are going to double very, very quickly over the next 12-24 months, so embrace it.”
Stress
Additionally, Association of Mortgage Intermediaries chief executive, Rob Sinclair, identified stress as a key issue for the year ahead.
“The government recognises that the compounding stress is one of the things that’s causing a hit on all parts of society,” he explained.
As a result, Sinclair argued taking such stress away is “fundamental” and should be “driven by our deeper principles other than it’s just a nice thing to do”.
He additionally stated that the industry “needs to do this” and that technology will enable it to get there.
tom.dunstan@ft.com
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