One Mortgage System (OMS), a platform facilitating enquiry-to-completion processes, recently hosted its first Tech Talks. This event was a forum for discussing technology trends and their potential impact in 2024 within the mortgage sector, attended by senior industry leaders.
In the past 2-3 years, the intermediary mortgage market has seen a major shift towards technology, with brokers and lenders increasingly utilising digital solutions to streamline operations and improve client experiences. This trend is expected to continue into 2024.
A panel session, led by Rob Barnard, intermediary relationship director at Pepper Money, featured key industry figures: Maria Harris from the Open Property Data Association, Rob Sinclair of the Association of Mortgage Intermediaries, Emily Hollands of OneSavings Bank, Greg Cunnington of LDN Finance, and Dale Jannels, CEO of OMS.
Harris said: “I think 2024 will be the tipping point. And then we’re going to reach critical mass and it will actually feel like we’re at the point where we’re genuinely going to make a difference. I think 2024 will be a breakthrough but not in a big blockbuster way. It will be a big breakthrough in a tipping point of the adoption of technology.”
Sinclair noted: “The Government recognises that the compounding stress [of moving] is one of the things that’s causing a hit on all parts of society, and therefore taking that away is fundamental and should be driven by our deeper principles other than it’s just a nice thing to do, we need to do this, and tech will enable us to get there.”
Hollands predicted: “There’s definitely a pinch point coming… tech is obviously a massively key topic for next year. I think my prediction will be that it will come from a service delivery perspective.”
Cunnington stated: “We won’t see a eureka moment. But we’ll see so many marginal gains, things will look unrecognisable in 12 months from a productivity improvement perspective.”
Jannels urged: “Don’t just think about it, get on with it!… Tech efficiencies are going to double very, very quickly over the next 12-24 months, so embrace it.”
