Pradeep Raman, director of digital solutions at DPR Consulting, writes in Mortgage Finance Gazette on how people’s financial lives have moved almost entirely online in recent years, with recent research by HSBC showing that 76% of millennials and 68% of older generations research mortgage finance options in this way. However, the mortgage industry has been lagging behind, with lenders and brokers failing to offer the services expected by customers. Recent FCA statements have noted that online mortgage tools do not provide users with transparency and high quality information, while Raman suggests that those seeking mortgage information online are not receiving “a high fidelity and joined up view of whether they qualify for a mortgage.” He also notes, however, that unqualified enquiries can result in lenders having to waste a lot of time dealing with people who may not qualify for a mortgage with them. It is concluded that the last couple of years have seen the mortgage industry begin to adopt technological solutions more widely, with customer on-boarding software reducing the need for resource intensive human advice.

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