One in five (19%) homeowners feel that the technological features offered by lenders are falling short of their expectations, finova’s report ‘Homeownership in the digital age’ has revealed.
finova surveyed more than 500 borrowers and 500 brokers to understand how time consuming the path to homeownership was in the UK.
The study found that 42% of respondents still believed that speaking on the phone was the most effective method to address queries about their mortgage.
Although artificial intelligence (AI) has become increasingly commonplace in the past two years, just 13% of borrowers said they enjoy using chatbots, and only 12% found that virtual consultants with mortgage advisers are productive.
Among the features that resonated the most, 30% said the online application process was the most useful, while 23% valued digital document signing.
Chris Little, chief revenue officer at finova, said: “Our research highlights some significant gaps in the market, confirming that lenders’ tech still has some way to go before it completely aligns with borrowers’ expectations.
“While the sector has upped the ante in recent years, and is increasingly adopting more digital solutions, there is still room for improvement.
“A considerable portion of borrowers still value personal interactions, and there’s no reason why they have to forgo the human element to reap the efficiency benefits that come with digital solutions.
“The popularity of tools like online applications and digital document signing demonstrates that there is a real appetite for technology when done right, but we need to take stock of how preferences vary across the board if we want to implement tech that is here to stay.”
