Fifty-two per cent of directly authorised brokers believe that technology advances will have a “high” or “very high" impact on their business over the next 24 months, according to a new survey.

Smart Money People’s fourth edition of its Mortgage Lender Benchmark released this month, which surveyed 467 brokers, revealed just 20% anticipate either no or low impact, while 28% predict a medium impact.
 
Brokers anticipating a high or very high impact suggested significant automation and a greater reliance on automated desktop valuations and e-signatures will have an impact in particular. The survey found that this group of brokers also expect more system integrations and the ability to apply directly to more lenders via sourcing systems which will reduce the need to rekey applications.
 
Smart Money People added that brokers who expect no or low impact believe independent face-to-face advice will remain central to the mortgage application process, particularly for complex cases.

Appointed representatives proved to be more cautious about the impact of technology, with the survey finding just 31% who expect to see a high or very high impact on their business over the next 24 months.
 
Smart Money People co-founder, Nate Harwood, said: “Brokers had a lot to say about technology in our survey. While many believe that technology will make their job quicker and somewhat easier, there’s differing views about what this will mean for their businesses.

“While some brokers believe that technology will help them to grow their business, others recognise that more customers are likely to apply to lenders directly, with many lenders particularly keen to encourage more execution-only business.”

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