According to the research conducted among 350 mortgage brokers and IFAs by mortgages & loans etc during October 2002, over 70% of respondents reported that the on-line services did not enable them to write greater volumes of business. Over 50% of brokers and IFAs said that features like case-tracking were often too technical and prone to breaking down. Respondents said issues such as “poor technical support”, “out-of-date information” and “accessibility problems” are the main reasons they are resisting calls to join the online revolution.
Ranjit Narwal, broker relationship manager at mortgages & loans etc, said: “The survey results show without doubt that that very few lenders and packagers have thought about the real technological needs of the end-user – the broker and the IFA. I’m sure that these results will come as quite a shock to a lot of people because it would appear that many companies have been investing heavily in technology without thinking precisely what they want to achieve.”