New research from Smartr365 has found that 61% of brokers believe technology will be integral to the future of the mortgage industry.
The survey, which asked brokers a series of questions about tech within the mortgage industry, found that 86% of UK brokers feel that technology makes the mortgage journey safer than a traditional, paper-based application process.
Meanwhile, 56% pointed to the biggest advantage of mortgage tech being how much time it saves, with 26% saying that speed and efficiency were particularly important in the current high interest rate environment.
Admin assistance and improved flow and communication were also named key advantages of using technology to facilitate the mortgage application process – with 46% and 40% of brokers claiming this to be true, respectively.
Smartr365’s research brings to light the importance of technology-enabled mortgage journeys, especially in the current economic climate.
Conor Murphy, CEO and founder of Smartr365, said: “With homebuyers currently facing one of the toughest financial periods in recent years, many are looking to brokers to guide them through the mortgage application journey quickly, safely and efficiently.
“Our research shows that where technology is absent, delays and frustrations take place. We know this is a major pain point for those seeking a degree of certainty and stability when looking to buy a home – especially under the present circumstances.
“Speed, efficiency and safety are all central to the propositions we develop at Smartr365 and it is great to see that the broker community is feeling the benefits of these – both now and looking forward into the future.
“At Smartr365, we believe sincerely in the power of technology and its potential to improve considerably the homebuying experience for all involved. We look forward to continuing to work with our broker colleagues to constantly improve the mortgage journey.”