Navigating the technological frontier: mortgage advisers’ struggles with adoption

By 31 May 2023 No Comments

By Stephen Cowdell, Head of Intermediary Sales at 360 Dotnet

In today’s fast-paced digital era, technology has entered every aspect of our lives, revolutionising the way we work and conduct business. The mortgage industry is no exception to this rapid digital transformation. However, amid the constant advancements, mortgage advisers often find themselves grappling with the challenges of learning and adopting new technology. Balancing heavy workloads and time constraints, these professionals face unique struggles on their path to embracing innovative tools and systems. In this blog, we will explore the hurdles faced by mortgage advisers when adopting new technology and delve into potential solutions to bridge this gap. 

The need for technological adaptation: 

As the mortgage industry embraces automation and digitalisation, mortgage advisers must adapt to technology to remain competitive. Innovations such as Client Portals, automated tasks and digital document management have streamlined processes and enhanced customer experiences. However, incorporating these advancements into daily operations is not without its challenges. 

Time constraints and workload pressures: 

Mortgage advisers are often caught between the demands of their current workload and the need to stay up to date with emerging technologies. The mortgage process is intricate and time-consuming, leaving advisers with limited time to invest in learning new tools and the full range of capabilities of their systems. The pressure to meet client deadlines, manage paperwork, and engage in networking activities leaves little room for acquiring technological expertise. 

Learning curves and training: 

The pace at which technology evolves can be overwhelming for mortgage advisers who are already occupied with numerous responsibilities. Learning new software, understanding its features, and integrating it into existing workflows can present a steep learning curve. Traditional training methods may not align with advisers’ busy schedules, amplifying the challenge of acquiring the necessary skills to leverage technology effectively. 

Fear of disruption and job security: 

Technology is often associated with disruption and, in some cases, fear of job displacement. Mortgage administrators may hesitate to embrace new tools due to concerns that automation could render their roles obsolete. This fear, coupled with the time investment required for training, can create resistance to change and hinder the adoption of innovative technologies. 

Lack of industry-wide standardisation: 

The mortgage industry consists of various stakeholders, each with their own technological preferences and platforms. Advisers may find it challenging to navigate this fragmented landscape, as they need to adapt to multiple systems and interfaces. The lack of industry-wide standardisation makes it difficult to streamline processes and achieve efficient collaboration. 

Solutions and the way forward: 

  • Dedicated training programs: Lenders and technology providers can offer comprehensive training programs tailored specifically for mortgage advisers. These programs should be flexible, accommodating busy schedules and delivering hands-on learning experiences.
  • Collaboration and knowledge sharing: Establishing communities, forums, or online platforms where mortgage advisers can connect and exchange insights on technology adoption can be invaluable. Peer support and shared experiences can help alleviate the challenges associated with learning and adopting new tools.
  • User-friendly interfaces and seamless integration: Mortgage technology providers should prioritise user experience and ensure that their platforms are intuitive and easy to navigate. Seamless integration with existing systems will minimise disruption and encourage adoption.
  • Embracing change as an opportunity: Mortgage advisers should view technological advancements as opportunities rather than threats. By proactively embracing change, advisers can position themselves as industry leaders and enhance their value proposition to clients. 

The mortgage industry is undergoing a digital revolution, presenting mortgage advisers and administrators with both challenges and opportunities. While the struggles associated with learning and adopting new technology is real, they can be overcome through a combination of industry-wide collaboration, comprehensive training programs, and a shift in mindset. By addressing these hurdles, mortgage advisers and their teams can effectively leverage technology to streamline processes, enhance customer experiences, and secure their positions in an increasingly competitive landscape.