That’s according to equity release lender, more2life, which has also discovered intermediaries are becoming increasingly more dependent on resources such as providers’ portals to keep on top of the rapidly-changing market.
Its research found 73% of adviser firms have started to use video conferencing apps more during the lockdown and 61% were relying more heavily on phone conferencing lines.
What’s more, 38% of brokers said they were using telephone support less and were instead using providers’ portals. Nearly 20% reported a move to this trend, although more2life were still answering nearly 300 calls per day.
Dave Harris, chief executive officer at more2life, said advisers had been forced to adapt to a wave of challenges presented by the coronavirus crisis and technology had played a crucial role in this.
“It has been encouraging to see that, with the help of digital tools, advisers have been able to continue to help older borrowers and process cases efficiently,” he added.
“As we begin to consider what a post-pandemic equity release market looks like, it’s great to hear that advisers have embraced the role of technology and that many of them realise the potential for technology to accelerate their business in the long-term.”
Social media and remote working
Social media platforms such as LinkedIn and Facebook have also become an important part in how advisers work. Indeed, 23% said they had increased their use of LinkedIn and a quarter were relying more on Facebook.
Meanwhile, 26% of advisers had introduced phone-based advice during the lockdown and 43% had begun to offer advice using video calling systems, having never offered either service previously. Over a third of advisers also introduced additional checks to ensure their remote advice is compliant.
Unsurprisingly, homeworking has also become extremely popular among advisers, according to more2life’s research, and looks set to continue.
More than half of advisers confirmed they had found their team worked well from home and would introduce the practice as a long-term solution following the pandemic. In addition, 47% of advisers confirmed they were reviewing their firm’s internal processes to find ways of making their business more streamlined.
Only 10% of those surveyed felt that the lifetime mortgage market will have developed a broader range of customer communication options once the industry returns to its pre-crisis operating models.
Dave Harris added: “The coronavirus crisis has forced change in the equity release industry and we are hopeful that the methods currently being adopted will become a lasting feature of the sector.
“It’s vital that lenders and trade bodies continue to work together to ensure that advisers have the tools and resources they need to help future-proof their business.
“Innovative technology will go a long way towards achieving this, and at more2life we are committed to supporting advisers with the right digital tools they need in order to succeed now and in a post-pandemic world.”
