Nearly half of brokers experiencing technical issues with lender technology

Nearly half (46%) of brokers say they "always" encounter a technical issue or glitch with lenders’ technology, according to new research from finova. 

The survey found that brokers are now spending more time on administrative tasks, with 58% dedicating 5-10 hours per week and 41% spending 11–20 hours, widening the advice gap by limiting their ability to focus on clients while putting equal pressure on profit margins. 

73% of brokers report spending more time on admin since lenders have 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 include communicating with lenders over changing rates and criteria (48%), scanning and digitising physical documents (47%), and ensuring these documents meet quality standards (47%). 

While 90% of brokers agree that lender technology has helped ease their workload, they're still pushing for smarter solutions to tackle key inefficiencies. Nearly two-fifths (38%) are calling for improvements in user interface and experience, while 37% emphasise the need for stronger security, faster platform speeds, and better integration with their own systems. Access to responsive customer support and training is also a top priority for 37% of brokers.

Chris Little, chief revenue officer at finova, commented: “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.”