Mortgages account for a considerable part of the financial services market and in today’s competitive world, being able to stand out from the crowd as a mortgage broker is vital for success. Nowadays, the younger generation wants all processes, even mortgage applications, to be fully digitalised so it’s important to take the time to find the perfect mortgage broker tech platform to invest in.

The primary goal of a digital mortgage broker is to make the process easier and improve the overall customer experience. If you’re taking that extra step forward to set yourself apart from other mortgage brokers then take a look at the top 5 things you should look out for in a mortgage broker tech platform.

1. Mortgage cyber safety and security 

Getting a mortgage is one of the most important and committed financial decisions someone can make. As a highly data-driven industry, the mortgage broker needs to ensure that customer data safety and security is of the highest priority. 

With the amount of information and data required to go through the mortgage process, using a tech platform that understands the importance of security and fraud prevention is essential. Find a provider who offers state-of-the-art technology and has a disaster recovery plan in place too.  

You want to make sure that with your tech platform a UK support team is always on hand. This team can not only help to minimise risk but they can also handle any security situations that may arise. 

2. Digital customer service

Boost your success and build solid relationships with your customers with the right mortgage broker tech platform. Working with a tech platform that puts the customer first can have great results for your company. Whether you’re an established business or a startup, customer loyalty and satisfaction will go a long way.

With mortgage brokers, and the entire insurance industry, having a reputation of being detached from their customers, the ability to resolve problems and be available to answer questions 24/7 on a digital platform will keep your business ahead of competitors. 

3. Innovative mortgage product

Having a bespoke mortgage tech platform that’s tailored to your specific needs, goals and products is important to help your business stand out. Many tech platforms will offer a standard software solution that won’t be unique to your company. With these, you risk your platform being too similar to your competitors.

Using a mortgage software provider with a wealth of experience and knowledge across the industry that can offer a completely unique service is the best way to ensure you’re getting exactly what you need. At Lucid UX we’ll be able to analyse your current software and seamlessly provide new solutions using the latest technology such as APIs, AIs and RPAs to boost business growth and enhance the customer experience. 

4. Simplified user experience

Digital transformations are one of the biggest trends in the mortgage industry and key to company growth. As mortgages can be a complicated process having an innovative tech platform, with modern mortgage solutions that both simplifies and speeds up the process is exactly what users today are looking for.

People no longer want to make appointments or have multiple different documents lying around unless absolutely necessary. Having a platform that’s simple to use and stores everything the user needs can really help your company become a pioneer in the industry.  

5. Meeting mortgage regulatory requirements

A challenge that a mortgage broker tech platform faces is being able to meet the mortgage regulatory requirements. Mortgages are one of the most complex industries as lenders must ensure that every loan meets the strict compliance requirements to lower the possibility of any risks. 

Finding a tech platform that not only prioritises and implements safety, security and fraud prevention but also includes a compliance sector that applies all the necessary compliance regulations, can help to overcome this challenge.

Find out more about our InsurXchange GI administration system that’s built to handle both legacy & new business from multiple delivery channels.

Also, read what to look out for in an insurance platform for more information.