How technology can change the financial services industry …


The market is still unclear as we have yet to see what effect the end of the stamp duty holiday will have as it was only removed on September 30. Income for September hit £ 1.3bn according to HMRC data and if demand continues to rise in 2022 we can still expect house prices to rise.

As most companies still allow their employees to work from home indefinitely, this can continue to allow people to move to cheaper areas when they opt for rural accommodation. High LTV mortgage products stay put after hitting 95%, but lenders are starting to cut that number or have already done so, nearly half of mortgages written using 360 Lifecycle are between 60 and 80% LTV.

The shortage of available homes and the number of people waiting to buy their dream home could continue to drive up prices in 2022 as some buyers pay more than the asking price to secure their new home. This means that advisors will need to act quickly to meet the needs of each client. This can be very intimidating as advisors realize they need technology to streamline their business processes.

Online financial tools have allowed people to regain some financial control. As more people feel like they can trust the digital world, businesses that depend on using paper and doing face-to-face transactions need to change their mindset and adapt to the technology.

This is especially important in the financial services industry which has helped mortgage and insurance advisors adapt and grow their business with a customer relationship management (CRM) system in place, 95% of 360 users Dotnet say 360 Lifecycle is essential to running their business.

Adopting a CRM is vital for advisors in order to sustain their business, allowing them to track their daily activities, save time, reduce costs, improve relationships and increase productivity. Advisors may have tools in place like Microsoft Excel to keep track of clients, but as their business grows, they may find that the tools they are currently using are not the best suited to help their business.

Advisors need to stop using untrustworthy spreadsheets and reap the benefits that technology can offer by using technology specifically designed for advisers.

By implementing the technology, advisers see faster mortgage application processes as FinTech company 360 Dotnet saves advisors 45-90 minutes of data entry per application. Customers don’t want to wait for updates to their app, they want fast and efficient service.

Advisors need a CRM that can keep track of their day-to-day activities, allowing them to plan and block their day according to their needs, whether it’s customer appointments, meetings, or just a reminder. Advisors should be able to see the entire customer journey, from that first login and booking in the first virtual meeting, to closing the mortgage.

This can lead to a continuous flow of repeat business, our customer portal has provided benefits to our clients, they have seen repeat business increase of over 25%. This improves relationships with customers, allowing them to see the needs of their customers, making it a priority in their business. Their clients are never sidelined as they can set future reminders allowing them to connect with their clients when they need it most, whether virtual or face-to-face, which is why 93% of advisors using 360 Lifecycle said they were able to stay better connected with their customers.

Advances in technology, along with the seismic impact of COVID, have changed our world. For any business, large or small, as the mortgage market continues to adapt, technology will continue to be key. The caveat for advisors is that they should take a close look at what technology is right for them and take control of their own destiny by giving themselves the ability to serve clients using the technology.

* Ozgur Unlu is the Managing Director of 360 Dotnet


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