IRESS : The future’s digital

This has been in progress for the last 20 years, and is already available in a limited way, with some sourcing systems linking directly to a small number of lenders. But there's nothing covering the whole market.

Add open banking into the mix, which allows lenders to look directly at the applicant's financial accounts, and you begin to see the possibility of a full online journey, maybe even linking valuations and conveyancing into the process in the future.

But for one crucial factor. Your advice.

Expertise needed

No matter how slick the software, technology isn't able to replace your experience and expertise. Maybe AI will one day 'advise' on the most basic vanilla cases, but how many of those do you come across?

In reality, advice is more important than ever for a huge swathe of mortgage borrowers, especially those affected financially by the pandemic.

It's brokers who can guide clients to the right mortgage and lender, based not only on cost but your knowledge of accessibility and service levels too. The expertise and reassurance you provide remains invaluable.

This doesn't mean rejecting technology - in fact by using digital solutions to speed up some of your work you can spend more time on the element of your service that really adds value to your clients - your professional advice.

This article was supplied by Bank of Ireland for Intermediaries.