Following the announcement of a return to tighter Covid-19 restrictions on 22 September, people have seen their plans to return to the office halted in their tracks. As a result, many are now looking for more permanent solutions for working from home.

Technology is no longer an add on to make home working more comfortable, it is a vital enabler of all work.

Of course, some businesses have managed to fumble through using several, disparate single-solution tech tools and unsecure document sharing methods, but as restrictions continue, we’re rapidly approaching a tipping point. Temporary solutions aren’t enough, and to meet the high level of service customers expect, a comprehensive end-to-end tech platform is the only way forward.

Every stage in the mortgage application benefits from technology, but you know that already. What you might not know, however, is how these solutions can benefit you, your business and your clients, especially when they are folded into a single provider.

Winning customers

The benefits of tech start right at the beginning of the mortgage process – winning new customers. Estate agents and third-party referrals use sophisticated technology platforms to deliver instructions, so it is crucial that businesses have the right technology in place to accept these. Some are missing out on multiple channels of referrals by not having access to the same mediums as their competitors. Choosing the right system is crucial.

End-to-end mortgage platforms digitise data, meaning it can be shared throughout the process without needing to constantly re-key. This allows for more efficient communication between all stakeholders and saves significant time in the process. When agents are looking to give referrals, they are likely to choose businesses they know provide a smooth and efficient service for both them and their client.

Convenience for everyone

 Having the right tech system does not just make it easier for industry stakeholders, it also improves the customer’s experience. Tech allows even the smallest of mortgage businesses to provide a sophisticated and seamless journey from start to finish – starting with the fact find.

Traditionally, fact finds are a 20-plus number page document, filled out manually, posted back and forth, then keyed, and re-keyed into systems by lots of different stakeholders. Tech allows these documents to be completed online at any time of day, and the digitised data reduces the need to rekey.

Online fact finds went from a perk offered by forward thinking mortgage businesses to the sole option through the lockdown. It would be naïve to assume that even the most tech-hesitant of businesses will return to manual processes again after experiencing the convenience of remote solutions.

Eliminating the need for long commutes and postal delays, digital fact-finds are an entrenched feature within the mortgage process. Customers expect this level of accessibility, and brokers who are unable to provide it will be disregarded.

Fighting fraud

More than a benefit to make the mortgage application easier for consumers, having the right tech to protect advisers against fraud is essential. Since the COVID-19 lockdown, Experian reported increased fraud cases of 33 per cent across all financial services. Additionally, Cifas data shows that ID fraud made up 61 per cent of fraudulent activity in 2019, with 87 per ecnt occurring online.

Advisers are liable if fraudulent activity occurs as part of a mortgage transaction, so using the right tech platform is a vital line of defence. Smartr365, for example, is the market’s only provider of Digidentity’s ID & Verification tool, which underpins the UK Government’s ‘VERIFY ID’ scheme and provides a secure and trustworthy remote ID&V process. Smartr365 also has SmartrSuitability, to streamline the suitability process and ensure brokers are protected.

Staying compliant

Automating compliance not only makes the process straightforward and convenient, it also ensures advisers can be confident their paperwork meets the latest legal requirements. This is especially important at present, with the regulator’s attention is fixed on supporting borrowers through the crisis. There will no doubt be increased scrutiny on advisers when regulators’ attention shifts to the advice delivered through the pandemic.

Tech can support advisers in their duty of compliance at the click of a button. By automatically drawing in relevant data which brokers can select to build fully compliant and time-stamped documents with a clear paper-trail in minutes without any additional work.

The integration of a sophisticated tech platform mortgage businesses of all sizes is essential. It allows for greater collaboration across industries, ensures your brokerage is appealing for third party referals and guarantees a streamlined journey for both mortgage providers and the borrower.

Integrating the wrong system can create problems which will endure for months, if not years. That’s why getting the choice right is so important.

As we settle in for the long-haul of remote working and a remote home buying process, brokers need to take the time to ensure they make a decision which will power them not only through lockdown, but well beyond.

Conor Murphy, chief executive, Smartr365