Almost 80 per cent of brokers claimed some of their clients have expressed some dissatisfaction with the manual, paper-based mortgage process.

In Masthaven Bank’s latest Broker Beat survey, the lender revealed that two thirds of intermediaries stated the greatest attraction of a greater use of technology would be an accelerated mortgage application process.

Many in the specialist lending market argued that technology can create a faster and more efficient service for customers, with 26.7 per cent of brokers recognising the role automation could play in removing “wasted effort” from the mortgage process.

Over nine in ten brokers supported this view, claiming 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 per cent) 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 per cent) said they think the development of affordability calculators will have the largest effect, followed by ‘robo-advice’ (21 per cent) and APIs (18 per cent). Intermediaries also cited the use of live chat technologies (13 per cent) – technology that almost one in five (19 per cent) noted they are already using, while 13 per cent said they plan to do so soon.

Commenting, Masthaven managing director Jon Hall said: “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.”

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