Our H1 Mortgage Lender Benchmark delves into the integral role of technology from the perspective of brokers, focusing on the usability and reliability of customer relationship management tools (CRMs), affordability, criteria sourcing, and product sourcing tools. The insights gathered reveal that, while brokers appreciate the ease of use of these tools, concerns about data accuracy and comprehensiveness persist, impacting the overall trust and effectiveness of these technologies.
One of the critical findings from our report is that brokers often view technological tools as preliminary guides rather than definitive resources. This scepticism largely stems from issues with outdated or incomplete databases.
For technology to fully support brokers and enhance their efficiency, continuous updates and verifications of data are essential. Only then can these tools meet the high standards required for effective client service.
CRM systems: Enhancing broker efficiency
CRM systems are indispensable for brokers, integrating various functions of the mortgage process from client management to data handling and communications. Effective CRM systems can significantly enhance brokers’ efficiency, enabling better client service and more streamlined operations.
The innovation score for CRM systems is notably high, with Acre Software achieving an impressive 85%. This underscores brokers’ appreciation for CRMs that adapt and evolve with their needs.
MIDAS leads the league table with an overall rating of 81.5% and a notable net promoter score (NPS) of +18.3, excelling in ease of use (85.9%) and consistently meeting broker expectations (81.1%).
Despite these positives, the overall broker satisfaction rating for CRM providers is down by 2.4%-points for H1 2024, highlighting areas for improvement.
Affordability systems: Ensuring accurate assessments
Affordability continues to be a challenge for many borrowers. It comes as no surprise that such systems have increased in importance with brokers, facilitating efficient and effective shortlisting of potential lenders. These systems ensure that assessments of borrowers’ affordability are accurate and compliant with regulatory standards, which is crucial for securing appropriate mortgage solutions.
Satisfaction with affordability tool providers is up 0.3% to 82.0% in H1 2024. MBT Affordability stands out with the highest overall rating at 86.8% and a robust NPS of +39.8, indicating high user satisfaction and reliability.
Criteria sourcing: Navigating complex environments
Criteria sourcing tools continue to enhance the accuracy and speed of lender sourcing, and they continue to score highly, with an increase of 1.0%-points in satisfaction, though the NPS has seen a decline.
Knowledge Bank and Air Sourcing lead in overall satisfaction and NPS. Knowledge Bank excels with an overall rating of 88.5%, while Air Sourcing follows closely with a rating of 88.1% and the highest NPS of +46.2, noted for its outstanding value for money and customer support.
Product sourcing: Streamlining matching
Product sourcing tools streamline the process of matching client needs with the vast array of available mortgage products, enhancing brokers’ ability to provide tailored solutions swiftly. The scores for this sector have remained steady compared to H2 2023.
Air Sourcing continues to be the highest-rated product sourcing provider, achieving the highest overall satisfaction and NPS across all key tech provider satisfaction ratings. Twenty7Tec also performs commendably with an overall rating of 85.7% and a solid NPS of +32.8, known for its ease of use and meeting expectations.
The H1 Mortgage Lender Benchmark highlights the importance of continuous improvement and innovation in the technological tools used by mortgage brokers. While ease of use and overall satisfaction scores are high, the accuracy and comprehensiveness of data remain critical areas for enhancement.
By addressing these challenges, technology providers can better support brokers, ultimately leading to more efficient and effective mortgage processes.
Jess Rushton is head of business development at Smart Money People
