Overwhelming majority of brokers (91%) agree that the market should not feel threatened by automation

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Masthaven Bank’s latest Broker Beat survey, which gauges the insights and opinions of brokers working in the specialist lending market, reveals that 78% of intermediaries have clients who have expressed some dissatisfaction with the manual, paper-based mortgage process. Additionally, two-thirds (66%) of intermediaries believe the greatest attraction of greater use of technology would be accelerated mortgage application process.

Many in the specialist lending market believe that technology can create a faster and more efficient service for customers. More than a quarter (26.7%) of brokers recognise the role automation could play in removing wasted effort from the mortgage process. This was supported by an overwhelming majority of brokers (91%) who feel that the specialist mortgage market should not be threatened by automation, since the complexity of cases means that bespoke underwriting and personalised service will always be needed. As a result, almost two-thirds of brokers (63%) believe that robo-underwriting will never completely replace the human element of the process.
When asked about the technology trends set to have the biggest impact on the market, almost one in three (30%) say they think the development of affordability calculators will have the largest effect, followed by ‘robo-advice’ (21%) and APIs (18%). Intermediaries also cited the use of live chat technologies (13%) – technology that almost one in five (19%) note they are  already using – and  a further 13% say they plan to do so in the near future.
Jon Hall , Managing Director at Masthaven, commented:
“It is exciting to see that both customers and brokers are embracing new technology to help make the lending process at smooth as possible. The industry has long been aware of the issues associated with out-dated technology and paper-based processes, and it seems as if we are finally turning a corner. With the support of lenders and regulators, brokers can begin to incorporate automation technologies with their expertise to deliver specialised, personalised services that satisfy the needs of their customers.
 “The key to success is finding the balance between tech and the human element of any loan application. Being digitally-focused is a must, but automation and speed will never replace the support and face-to-face interaction customers want. Instead, brokers should see technology as a way to reduce their workloads and free up additional time to focus on their customers’ needs.”
Masthaven’s latest research findings follow the announcement of its new intermediary-dedicated website, available for brokers across its mortgage and short-term lending divisions. The site offers an enhanced product search tool, a new online affordability calculator and a quick quote option for short-term loans. Additional resources include access to the specialist bank’s latest case studies, research, and hints and tips for the broker community. The launch is the first in a series of technological enhancements the specialist bank is making as it continues its mission to enhance its broker services.
About the research
The research was conducted by Masthaven, with 120 individuals working within the mortgage market. Respondents were asked questions regarding thoughts on the mortgage industry and direction their company will be moving in over the next twelve months. The data was collected between 09.04.19 and 18.04.19.
About Masthaven Bank Ltd
Masthaven launched as a retail bank in 2016. It offers award-winning saving and lending products. Prior to that, Masthaven Finance has provided a flexible and personalised approach to bridging loans and secured lending since 2004. Today, the bank’s knowledgeable and experienced specialists are committed to providing customers with flexible and fixed term savings accounts, bridging loans, development finance, and mortgages. The bank is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register no. 719354). Masthaven was named ‘Best Bridging Lender’ in the Coreco Awards (2017); ‘Most Innovative Savings Provider’ in the Moneynet Personal Finance Awards (2017 and 2018); and ‘Best Specialist Lender’ in the Moneynet Personal Finance Awards (2018) and Most Innovative Digital Retail Bank UK 2018 by CFI. Masthaven Finance featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81). Masthaven Bank was ranked 240 in Financial Times’ FT1000 list (2017).
Gaby Bryson, Rostrum
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