The importance of digital channels has never been clearer

Non-visual connectivity has also improved, although I’m sure that many intermediaries will point out that some lender systems are still not quite up to scratch. On the whole, specialist lenders continue to lead the way on the tech front and it was good to see this momentum continue when BM Solutions recently rolled out a new online mortgage application system. Initially, the system will only be available for new mortgage business, including buy-to-let purchases, let-to-buy and remortgage applications with product transfers, further advances and transfer of equity moving onto the new system during 2021. Enhanced features include improved self-service options, built-in document upload, the ability to amend applications post-submission and alternative lending proposals at decision stage where available.

As a tech-focused business, we know just how important it is to constantly update our offering and the time, effort and expertise which goes into this. After all, the pace at which technology develops is impossible to stop, although it’s often ensuring that the basics are done well which makes the difference. In any customer-facing business, we have to remember that front-end functionality should always be focused on a positive user experience. With that in mind, it was worrying to see research from Dock9 suggest that almost 50% of mortgage businesses have never tested their website with end users. It added that usability tests are often never conducted with only 20% stating that they have done so in the last month.

More encouraging was the fact that around 50% of those surveyed believe that the digital experience they provide is either good or excellent, although the flipside of this is that nearly 50% feel it’s no better than fair with 15% believing it to be poor. When asked about the barriers to implementing digital change, respondents cited resources (31%) and then business prioritisation (23%) as the top two obstacles, with cost only seen as a barrier by 11%.

As consumers have increasingly become digitally-savvy, this really does underline just how important it is to really understand what they need from an engagement process, as well as a product and service standpoint. As highlighted in this research, the importance of digital channels has never been clearer, especially with the experiences and knock-on effects during the pandemic likely to shape how we all work and interact digitally going forward. As such, we all need to continue learning, improving and seeking feedback from our clients/customers to successfully integrate the right tech tools and solutions to improve this journey and add a real point of difference.