For Business Development Managers across the UK, the prime minister’s address to the nation on 23 March changed their working lives entirely.

Almost instantly, the days of being on the road and calling into brokers’ offices to help them generate business and strengthen existing relationships were gone.

Along with most other workers, BDMs had to review their traditional working practices and rethink how they could support brokers.

However, while the Covid-19 crisis has forced a shift to digitalisation in the mortgage industry, it has also given BDMs more time to focus on providing tailored support to brokers to ensure the mortgage market remains open.

The adoption of technology

A positive consequence of the UK’s lockdown has been the clear acceleration in the adoption of technology across the industry, from the use of remote working tools and automated valuation models to digital ID verification methods.

For an industry that relies so heavily on face-to-face interaction and relationship building, the transition to near total digitalisation has been a steep learning curve. Nonetheless, this transition has been instrumental in ensuring the market has remained on its feet.

The beginning of lockdown was undoubtedly one of the most challenging periods in the mortgage market’s history and brokers, as well as lenders, faced real challenges as the housing market shut down. For BDMs and brokers, establishing and maintaining strong relationships and regular communication during this uncertain time played an increasingly important role in making sure customers found the right solution.

Yet, for both BDMs and brokers, the impact of using virtual tools to continue these conversations and relationships has been one of the many challenges presented by working from home. For BDMs, the change in working patterns – from visiting brokers’ offices to being confined to their desks – has meant finding new ways to communicate with brokers and changing their approach to the role entirely.

Video conferencing tools, such as Zoom, have been indispensable in ensuring BDMs continue to form relationships with their brokers, as well providing the support brokers need to help get their clients’ applications approved.

And it is likely we will continue to see some of the working practices adopted during lockdown continue in the future. For example, telephony is likely to become much more important for BDMs, as not only is this a vital method of communication in a remote working environment, but it also allows BDMs to use their time more efficiently.

Being desk-based means BDMs have been able to utilise the time that would have been spent on the road responding to broker queries or reaching out to new brokers, therefore making the mortgage application process more efficient.

Adapting to the new normal

Throughout this time, BDMs have also played a vital role in educating the market through webinars and online clinics about different areas of specialist lending. With face-to-face events unlikely to resume soon, these types of online support and resources will certainly be critical in providing brokers with the guidance they need.

The Covid-19 crisis has also provided BDMs with the opportunity to learn new skills. At Masthaven, our BDMs were trained to handle customer calls at the beginning of lockdown, which not only supported the servicing and collections team, but also provided them with a chance to better understand customer requirements and concerns.

Looking to the future

However, it’s important to acknowledge that while technology and digital communication methods have played a vital part in keeping the mortgage market open, nothing can fully replace the role that face-to-face interaction plays.

In-person meetings between BDMs and brokers will certainly continue to play a crucial part in building relationships and ensuring brokers and their customers have access to the financial solutions they need. I, for one, look forward to the day when I can swap my Macclesfield Town hoodie for a suit and tie and can meet with my team and brokers in person!

As we look to the future, the industry will need to strike a careful balance between the use of digital tools and keeping an element of face-to-face contact to ensure the market continues to thrive.

With the government calling for people to work from home for up to six more months, it’s clear that we are still at the midst of this pandemic. It will therefore be vital for brokers and BDMs to continuously look for ways to work together and reinvent their relationships in non-traditional ways.

Constant communication between brokers and BDMs will be more important than ever as we move into a period of economic uncertainty and more and more customers seek financial solutions from lenders.

Rob Barnard, director of intermediaries, Masthaven