The broker market, particularly the mortgage industry, has traditionally been slow to adapt technology and reluctant to embrace innovation. This is increasingly at odds with modern lifestyles. Lengthy application processes and endless paperwork have for years been causing stress to millions of individuals wanting to apply for a loan or a mortgage. They are increasingly incompatible with expectations of modern customers who value ease, speed and efficiency.
With the market pushing for digitalisation, brokers need to ensure they adopt innovative technology solutions, or else they risk becoming irrelevant in the rapidly evolving finance space. Artificial Intelligence and machine learning, two key components driving innovation in the fintech industry, have enormous potential to improve user experience and help businesses respond to customer needs.
Recent developments in machine learning allow for a high degree of personalisation of each customer journey, tailoring it to individual circumstances. With the ability to learn endless ‘rules’ that can be changed almost immediately, systems are now capable of learning the right outcomes and options for each individual. This allows brokers to not only give customers tailored lending options but also personalise the way in which those options are communicated. The recent introduction of Open Banking presents further opportunities to streamline and improve the customer journey and it has potential to revolutionise applications.
Technology such as machine learning gives businesses a unique opportunity to service customers more efficiently. However, as we strive to improve customer experience through technological innovation, it is imperative not forget some basic truths. Human interaction and trust remain an essential part of any customer journey. Technology should therefore co-exist to help facilitate, not attempt to replace them, which many businesses are failing to recognise.
Video appointments let customers apply for a mortgage from the comfort of their homes and remove the unnecessary stumbling blocks of branch appointments and supplying documents in hard copies. Customers can upload all the necessary documents online, e-sign and download all the paperwork, while at the same time, receive all the relevant information in person from a trusted advisor.
Taking out a loan or a mortgage is a big decision and individuals require trust in brokers to provide them with the right advice and options. Similarly, brokers should be providing guidance in a way that is clear to understand and relevant to customers’ circumstances. In the modern world, consumers are blinded with choice and technology can help us provide them with clarity - without compromising on ‘human touch’.
As businesses strive to capture the new wave of technological innovation, we firmly believe that personal interaction should always be an important part of the equation. Freedom Finance’s notable partners are also using our technology and digital platform to revolutionise their businesses to develop customer options. It’s crucial that fintech businesses respond to customers’ needs by providing them with clarity, efficiency and trust.