Brokers want more mortgage apps

Research from EDM Mortgage Support Services suggested more than half of UK mortgage professionals (54%) said that mobile apps would take the lead in creating a positive customer experience and efficient service.

Almost the same proportion (50%) said that broker exchanges would create growth and competitive edge.

Other important technologies for the mortgage market will be centralised platforms, new distribution channels and cloud computing. Third party data providers would have less of an impact, with just 14% identifying them as a key driver.

Joe Pepper, managing director EDM MSS, said: “Our research has identified that the majority of mortgage professionals believe that new technology will be crucial in enabling innovative product development - and that competitive advantage will be best gained by enhancing the end customer experience.

“This is why we believe that mobile apps and broker exchanges score so highly in these predictions: lenders and brokers have to offer as convenient a service to customers as possible while also improving the efficiency of automated back office systems with effective exchanges and centralised platforms.

“A fragmented service that relies on high volumes of paper is no longer acceptable, something we are seeing in the recent interest in products such as EDM BLUE.”

EDM Group expects the proportion of its revenue generated from the mortgage sector will significantly increase over the next few years because of the huge challenges facing lenders and intermediaries with regards to information management.

EDM Group provides companies with efficient ways to manage the rapidly growing volumes of information flowing into and through their businesses every day.

Clients include Legal & General, Friends Life, Bupa, Nationwide Building Society, Companies House, Lloyds Banking Group, Grant Thornton, Towers Watson, Ensign Pensions and HM Revenue & Customs.