Why technology should be the number one priority for all intermediary firms

It’s all well and good saying that various businesses should have had contingency plans in place for when the coronavirus hit but, let’s be honest, this is far easier said than done. Companies of all shapes and sizes were shellshocked at the scale, speed and impact of the pandemic. However, the most successful people and businesses learn from their mistakes, failures and influencing factors beyond their control.

During the past few months, SMEs have quickly adjusted to remote working practices, and this relatively seamless shift appears to have changed the operational mentality and capabilities of many going forward. And this reliance on technology is set to leave a lasting impression.

These issues were outlined in a report from HSBC UK which suggested that British businesses felt a stronger impact from Covid-19 than companies globally. The findings, drawn from a survey of over 2,600 companies in 14 countries and territories, showed that 83% of UK firms strongly felt the impact of Covid-19 compared to 72% of businesses globally. India (88%), Singapore (87%) and France (85%) were the only markets to report a greater impact from the pandemic.

The report added that UK firms are planning to significantly adapt their operations in the future, with almost three out of five (58%) admitting they could have done more to prepare. Before Covid-19, British businesses had focused on three main actions to build resilience: investing in technology, diversifying their business and consolidating their financial position.

To build resilience in the future, companies said they will focus on:

Flexible working - more than two thirds (67%) expect to incorporate new working practices, most notably through allowing employees to work from home, operating from multiple locations and investing in tools to support collaboration.

Technology - more than half of firms (55%) expect to invest in technology/innovation and a quarter identified it as their top priority.

It's always interesting to gauge reactions in terms of how various economies, industries and individual businesses have reacted during the lockdown period. Technology has certainly proved to be a common theme throughout the mortgage market, in terms of helping to overcome impending challenges, combat future threats, maximise opportunities, streamline front/back-office processing and improve internal/external engagement processes.

Lots of people have approached OMS since lockdown as they didn’t have an appropriate system in place, or their current system was not sufficiently adaptable. It’s fair to say that the mortgage landscape has now changed forever, and it’s important for intermediaries to have access to the right systems, solutions and platforms to better engage with clients and run their business more effectively. And with uncertainty still widespread across the UK economy, maximising the many benefits attached to technology should be the number one priority for all intermediary firms, no matter how big or small, to help them future proof their business.