Later life lending market to embrace technology after pandemic

Thirty-six per cent of advisers believe the later life lending market will choose technology over paper-based processes when the industry returns to more normal conditions, according to new research conducted by more2life.

The equity release lender suggested this sentiment was the strongest among advisers working at larger firms, with a majority 67% of respondents citing this answer from firms with 31 advisers or more.

More than four in five advisers (84%) have made greater use of video conferencing apps to communicate with clients, more2life revealed, while a similar number (81%) have done the same to maintain rapport with colleagues.

more2life quizzed UK-based advisers operating in the later life lending market and the findings were based on online research among 350 participants undertaken in May 2020, and 237 participants in May 2021.

The research also found that advisers have been using lender services more during the coronavirus crisis. Over the last 12 months, 36% of advisers have increasingly used lender portals to support them with equity release business, marking an uptick compared to the 19% of advisers who said the same at the start of the pandemic.

more2life CEO, Dave Harris, said that technology has proven itself to be a “key asset” to advisers’ business during the COVID-19 crisis.

“It has been really encouraging to see the majority of advisers using digital tools like video conferencing platforms and lender portals to support their clients and ensure high levels of customer service, particularly during a very challenging period,” Harris stated.

“Maintaining this momentum will become even more crucial as we emerge from the crisis and identify where we can improve processes for lenders, advisers, and customers alike.

“Now is the time for equity release lenders and advisers to consider the technology they can implement that can further strengthen their business over the long-term. Digital-first processes are set to be the landmark of the later life lending market post-COVID, but only if lenders, advisers and other key players take the necessary steps to put these in place and drive change across the industry.”

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