Press
Mortgage Solutions 30th Oct 2006
Brokers warming to internet but not so hot on texts, says survey
Intermediaries are choosing not to take advantage of technical advancements in the market, new research has found.
A survey conducted by Platform into how brokers utilise mobile phone technology has found that 70% choose not to receive mortgage information via text alerts. Similarly, three quarters of intermediaries (74%) would prefer not to receive product updates via text message. The findings cast doubt on how positively new technology has been received by advisers.
Paul Hunt, head of marketing at Platform, was surprised not all intermediaries were happy to swap traditional means of communication for mobile alerts. He commented: "Many providers take it for granted that intermediaries are comfortable with using this new technology. This is not always the case, and lenders with such technology must ensure that it is designed for inexperienced internet users in mind."
Commenting, Ken Sives, managing director of Larne Mortgage Centre, said he was amazed by the results, as new mobile technology had made life easier for him. He added: "If you tell your client you just received a text from the lender, it makes you look very up-to-date." However, James Carter, independent financial adviser at Virtue Financial, disagreed and said receiving text alerts would encroach on his free time. He added: "The last thing I want is to be getting text alerts at 11pm on a Friday night."
While intermediaries might be steering clear of mobile technology, research from Standard Life Bank has found the majority are embracing the internet. It found more than 80% of brokers use email to correspond with clients, while 81% track their clients' applications online. In addition, 29% believe that the internet created more opportunities for client-facing work by speeding up administration processes.