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10 | Technology
This has resulted in a rise of ‘direct to public’ A web-based system is also fully backed-up control over trainee advisers or specialists such as
only products, lower procuration fees, higher fees and can be accessible from any PC as the system insurance only advisers within their network.
and charges to consumers and a greater emphasis is stored online or “in the cloud” as opposed to Often advisers can be unnerved by the
on retaining existing clients - even the clients being restricted to a network which is only load- thought and prospect of having to move away
that had been introduced by mortgage interme- able from a desktop. This gives the user full from established processes and systems. A suc-
diaries to the lender in the first place. remote access from office to the home to the cessful service provider would be able to help
client. new customers; transferring existing client data
Pressure This avoids the need for a business to purchase successfully to a new system and at the same time
The mortgage professional of 2009/2010 there- and maintain costly servers and related IT hard- offering a bespoke service if required.
fore has not only been faced with reduced vol- ware. It also means that there is only one system The IFA world has been regulated for many
umes of business because of the economic live at any one time which the software provider years and a web-based solution has the benefit of
climate, but is facing increasing pressure on their is able to update and enhance remotely rather being able to work within the parameters men-
finances from the very lenders that they have than having to physically visit individual busi- tioned, due to their robust offering and sheer
introduced business to – this is not a complaint nesses and upload new software onto each user’s speed of development.
but a reality. PC. The immediate future in our industry remains
Compliance-related costs have increased This means that the system is fully scalable tough but promising nonetheless. A successful
regardless of whether the mortgage intermediary and a one-man-band mortgage adviser would individual or business within this changed indus-
is directly authorised or a network member. FSA receive the same care and package as a huge try, needs to be able to review their own current
fees have been raised, FSA regulation has national conglomerate. Only one up-to-date sys- practices and adopt a more scalable and robust
increased in the form of TCF, and reporting tem is live at any time and all enhancements can platform. Client Management Systems offering
requirements have been tightened to ensure that be made at the touch of a button. Software as a Service allow advisers and business-
more time is being spent on non-income gener- es to focus on core functions, namely mortgage
ating activities. Solution and protection advice and selling.
It is not uncommon to see that some networks This kind of solution - known as Software as a Now is the time for the mortgage professional,
have passed these increased costs onto their indi- Service (SaaS) – not only has implementation mortgage brokerage and networks to look active-
vidual members or that the network itself has and capability benefits, but also offers the adviser ly at using the latest technology to allow them
been taken over or gone out of business. The huge savings both in terms of time and cost. The more selling time, reduce the administrative bur-
directly authorised individual or company has software can record all client management infor- den, thus significantly reducing costs and so re-
had to accept this and also absorb any costs. mation, providing the user with marketing establishing their earning potential.
opportunities; further sales opportunities and
Answers producing MI reports for the team and the net-
In light of an increased regulatory and compli- work membership.
ance burden, reducing volumes of business and The solution can also automatically save all
increasing financial pressures, what should the correspondence (including emails) between
Technology for
battle-hardened mortgage professional do? adviser and client – thus eliminating the risk of
mortgage brokers in
Even during this economic downturn, the losing or misinterpreting information and cut-
great population of the UK still has the desire to ting down on the amount of time spent on
a new era
own their own home and this will never change. administrative tasks.
The mortgage specialist is therefore taking every RMAR reporting information is available at Intermediaries need state of the art
opportunity to secure sales of mortgage-related the click of a button thus reducing the risk of technology if they are to survive in tough
products in an attempt to return to the remuner- compliance mistakes. The solution also includes trading conditions, which should include
ation and lifestyles that they once enjoyed. an automated commissions system which auto- the f
A healthy number of intermediaries have matically includes renewal commissions. circle6
ollowing:
Wholly web-based, avoiding the need to
diversified, some extending their regulatory per- Understandably this can save businesses huge visit numerous supplier sites to built
missions to encompass traditional IFA products; amounts of time - especially when working with
others have delved into the world of related multiple advisers, appointed representatives and circle6
the client's fact find and application
Avoid the need for the broker to pay for
products and services like debt management and introducers. Having a web-based solution will server maintenance and associated IT
Will referrals for example. bring significant benefits to an individual’s or kit. The solution is known as Software
For most though, their chosen field of expert- company’s business.
ise remains the world of mortgage and protec- Multiple business writer firms, some of whom circle6
as a Service (SaaS)
Record all client management
tion. And, another way of facing these challenges have mortgage specialists, and IFAs can also ben- information, which in turn provides
is by making use of available technology which efit from these SaaS systems as individual per-
can ease the regulatory and administrative bur- missions can be set by the principles of each circle6
marketing opportunities and MI
RMAR reporting information at the click
den; freeing up more time for actual client-facing company.
work and which should ultimately result in run- Likewise if you have a number of trainees in circle6
of a button
ning a more efficient, more profitable and better your business or are looking to recruit someone circle6
Comprehensive client data
business. on board for a trainee role, having the ability to circle6
Full remote access
build a bespoke monitoring model and restrict- circle6
Automated commissions system
Benefits ing permissions of an individual adviser are circle6
Risk-based file checking
Front- and back-office software systems can offer essential. circle6
Remote compliance checking facilities
a whole host of benefits to a mortgage adviser. A circle6
The highest levels of data security
Quality training - including live
system that is wholly web-based means that the Functionality
administrator avoids the need to visit numerous This type of functionality is readily available in circle6
qualified support staff
Automatic system upgrades
supplier sites to build the clients’ fact-find and the marketplace. The same theory can also be
application within one single platform. applied to networks who again would want some
November 2009 Mortgage Introducer www.mortgageintroducer.com
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