Almost a fifth of brokers held as ‘data prisoners’ by CRM platforms
Almost a fifth (17.5%) of UK brokers have been held as ‘data prisoners’ - effectively trapped to CRM systems by complicated methods and/or extortionate fees to retrieve data - according to research from Smartr365.
"Wrongful data handling is not only holding brokers to outdated and ill-fitting tech platforms, but also limiting the growth of the mortgage industry."
Of those who reported experiences as data prisoners, over a quarter (26%) were charged over £1,000 for the return of their data. One in twenty were charged at least £10,000, with one in fifty charged over £20,000.
Despite this, just under nine in ten respondents (86%) agreed that a mortgage application journey led by tech is safer than its paper-based equivalent.
Thora Kehoe, chief product officer at Smartr365, commented: “Wrongful data handling is not only holding brokers to outdated and ill-fitting tech platforms, but also limiting the growth of the mortgage industry. This is a scandalous practice that deserves much more attention.
“We call on all tech platforms to be transparent – in terms of their pricing, offering, and data handling. That almost a fifth of brokers have been unfairly penalised indicates that the problem is widespread, so it’s vital we don’t let this become a chronic issue which stymies the progress of our industry. Let’s stamp out these murky tactics to build a clearer and brighter future for all.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Iress
Iress expands mortgage and protection distribution through new Access FS platform
FCA
Advice firm employees plead guilty after defrauding clients of £2m
Inflation
Inflation rises to 3.5% as mortgage rates outlook shifts
FCA
MPs call for investigation into FCA's treatment of whistleblowers
Atom Bank
Try Mortgage Network adds Atom Bank to residential mortgage panel
Regulation
FCA and PRA confirm final rules for removal of high-LTI mortgage cap