Nearly half (46%) of brokers said they always encounter a technical issue or glitch with lenders’ technology, research from finova has revealed.
This was despite several lenders investing in new digital tools in recent years.
The report ‘Homeownership in the digital age’ found that brokers were spending more time on administrative tasks, with 58% dedicating five to 10 hours per week and 41% spending 11 to 20 hours.
In fact, 73% of brokers reported spending more time on admin since lenders upgraded their technology, suggesting that these advancements are not having the desired effect on advisers’ workloads.
For brokers, the most time-consuming aspects of processing applications included communicating with lenders over changing rates and criteria (48%), scanning and digitising physical documents (47%), and ensuring these documents meet quality standards (47%).
While most brokers (90%) agreed that lender technology helped ease their workload, they were still pushing for smarter solutions to tackle key inefficiencies.
Nearly two-fifths (38%) called for improvements in user interface and experience (UI/UX), while 37% emphasised the need for stronger security, faster platform speeds, and better integration with their own systems.
Access to responsive customer support and training was also a top priority for 37% of brokers.
Chris Little, chief revenue officer at finova, said: “Although mortgage product availability has improved, borrowers are still grappling with high rates and we’re yet to see meaningful reductions after the base rate cut.
“In this ever-changing environment, brokers are under increasing pressure to process applications swiftly and accurately.
“Collaboration between lenders and brokers has always been the foundation of a thriving industry, and our findings underscore the need for even closer collaboration.
“By targeting tech investments in the right areas – like streamlining communication and improving system integration – lenders can free brokers time to focus on what truly matters: helping their clients secure the best possible mortgage to suit their financial circumstances.”
