MI_18-19_technology.qxd 27/2/09 11:11 Page 2
18 | Technology
Stay ahead of
the game
Julie Speed, national accounts director
at Evaluate Technologies, considers how
advisers can use technology to stay
ahead of the game
W
ith all the bad news con- ket. In its Financial Risk Outlook the regulator that on average only around half of their busi-
sistently being heaped says the number of mortgage brokers that pre- ness now comes from mortgages."
upon the industry it's a viously existed was "unsustainable".
wonder why some people The regulator reports that in 2008 there was Positive
working in financial serv- a net fall of 769 mortgage firms, equivalent to Whilst there is an element of doom and
ices actually get out of 9 per cent of the mortgage intermediary pop- gloom over the figures and it is obviously a
bed. Maybe recent adverse ulation compared to a growth of 13 per cent shame to see firms leave the market, this
weather conditions were even a blessing in dis- in 2007. Its findings shows an increasing num- shrinkage could be spun on its head and seen
guise to some. bers of firms are becoming appointed repre- as a positive for those still operating in the
Reading the newspapers is becoming harder sentatives, including some directly authorised market. It is a hard world but where competi-
and harder to suffer and judging by recent firms who have migrated across to this busi- tors are failing there is opportunity for for-
headlines the challenges being thrown at us ness model; however it is advising networks ward thinking firms especially by using online
show no signs of abating. As if we didn't not to take on phoenix firms as members. solutions. Recent research conducted by finan-
already realised that we are working in a tough The FSA says lenders have greatly reduced cial outsourcer Opal has revealed that the
environment the governor of the Bank of their appetite to lend to consumers, with com- Internet will be the preferred method of client
England, Mervyn King, has just issued the plex or more risky characteristics, an area that servicing, with 39 per cent of financial services
warning that the UK is facing a deep recession brokers have found profitable in the past. providers expecting to use it more in the
in 2009 adding that further action is needed. The report adds: "Even when the property future. The survey was conducted among
Exactly what this action will entail is not clear market starts to recover, it is unlikely that some of the UK's leading financial services
but if it is anything like a vast proportion of intermediaries will be able to rely on this spe- providers and revealed that face-to-face advice
the 'action' that has preceded this announce- cialist area for revenue. In addition, many would also increase for 32 per cent of respon-
ment then there is justified cause for concern. lenders totally reliant on intermediary busi- dents. Around 16 per cent said they expected
In terms of the world of the mortgage inter- ness have left the market, and mainstream to use the telephone more, while 14 per cent
mediary, there is no getting away from the fact lenders are likely to focus on direct distribu- predicted increased use of the mobile phone
that times are hard. Indeed, recent figures tion channels and key national intermediary and SMS.
from the Financial Services Authority say a relationships in the future. Embracing technology is certainly one good
whopping 769 mortgage firms threw in the With the majority of mortgages yielding way of ensuring that businesses can stay ahead
towel last year - some 9 per cent of the mar- one-off commissions, advisers are reporting of the game. Take this winter's 'freak' weather
March 2009 Mortgage Introducer
www.mortgageintroducer.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57