Almost half (46%) of brokers "always encounter technical issues or glitches" with lenders’ technology platforms, finova has revealed.

The cloud-based mortgage and savings software provider stated that this comes after several lenders have invested in new digital tools in recent years.

finova found that brokers are now spending more time on administrative tasks, with 58% dedicating between five and 10 hours per week, while 41% spend between 11 and 20 hours a week on these tasks.

Although firms have updated their respective technologies, the research suggested that these investments are not having the desired effect on advisers’ workloads.

For brokers, the most time-consuming aspects of processing applications include communicating with lenders over changing rates and criteria (48%), scanning and digitising physical documents (47%) and ensuring the documents meet quality standards (47%).

finova said this presents a "significant opportunity" for lenders to invest in technology that reduces the burden on brokers.

While 90% of brokers agreed that lender technology has helped ease their workload, they’re still pushing for smarter solutions to tackle inefficiencies.

Nearly two in five (38%) are calling for improvements in user interface and experience, while 37% emphasised the need for stronger security, faster platform speeds and better integration with their own systems.

Access to responsive customer support and training was also a priority for 37% of brokers.

Chief revenue officer at finova, Chris Little, said: "Although mortgage product availability has improved, borrowers are still grappling with high rates and we’re yet to see meaningful reductions after the base rate cut. In this ever-changing environment, brokers are under increasing pressure to process applications swiftly and accurately.

"Collaboration between lenders and brokers has always been the foundation of a thriving industry, and our findings underscore the need for even closer collaboration. By targeting tech investments in the right areas – like streamlining communication and improving system integration – lenders can free brokers time to focus on what truly matters: helping their clients secure the best possible mortgage to suit their financial circumstances."

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