Mobile phones are once again a hot topic of conversation, with the launch of the iPhone X, the world’s first $1,000 handset.There’s no doubt that’s an extraordinary amount of money to spend on a phone, yet plenty of people will find ways to justify that expense, such is the importance today of having a top-of-the-line mobile phone.
It’s not that long ago that mobile phones were seen as something of a luxury, yet they are now ubiquitous. And a big reason for the growing importance they hold for us is the fact that the ability to make calls is very much secondary – you can do everything from buying your groceries to booking a flight through your mobile. Mobile phones are also an increasingly important way for people to handle their finances.
According to a recent study by Deloitte, 45% of people use their mobile phone to check their bank balance on at least a weekly basis, while 36% use it to carry out other banking services just as frequently. The day is coming when borrowers will expect to be able to secure their home loan via their mobile phone too.
I want an answer now
Just think of how you use your mobile today. If you have a question about something, whether it’s how the trains are running or what time a film is showing at the cinema, out comes the mobile phone to search for the answer.
Mortgage borrowers are exactly the same – if they want to know what mortgage rate they can get, how much they can borrow, or how much their house is worth then chances are Google is the first place they will look and they will do it via that mobile phone in their pocket. Once those questions have been answered, of course they will then want to take the next step using their mobile phone, rather than having to switch over to a computer or even book an appointment in for a chat with a broker in person or over the phone.
Most borrowers simply want a quick and easy way to secure their finance. Three quarters of borrowers already use a mortgage broker because they know that intermediaries can help them find the best possible rate; combine those savings with the speed and ease of sorting out the whole thing on your mobile and you’ve got a compelling proposition.
The times they are a changing
The life of a broker has already changed a great deal thanks to technology, from the development of sourcing systems to the ability to communicate with our clients at any time of the day or night, wherever in the world we – or they – happen to be.
Quality mortgage brokers do not have anything to fear from greater use of technology. In fact, many are already well aware of how it can help with the heavy lifting at the information gathering stage, allowing brokers to devote more of their time and energy to the actual advice process.
Some borrowers will of course prefer a face-to-face chat when it comes to arranging a loan the size of a standard mortgage, and the expertise of individual advisers will always be worthwhile. But younger people today expect to at least have the option of doing everything online, whether through their computer, tablet or mobile phone. Mortgage advice is no different, and the truth is that technology can help deliver a far more satisfactory experience.
Other areas of financial services have been far quicker to see the potential offered by making better use of technology – the mortgage market has very much been behind the curve. But that is changing, and it is brokers who put greater use of technology at the heart of their proposition who are best placed to win the business and loyalty of the next generation of borrowers. The day of the mobile mortgage is almost upon us.
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