Data-driven decision making has revolutionised the finance industry with benefits for clients, brokers, and the industry as a whole. One example of technology that has improved the way mortgage brokers operate is Software as a Service (SaaS) analytics. By harnessing the power of SaaS analytics, brokers can optimise their operations, identify trends and drive growth effectively.
Importantly, if the technology doesn’t benefit the relevant industry it will not stand the test of time, according to Hound Group Founder and Managing Director Peter Smyth.
“I think technology is not so much going to lead the industry – the industry is going to lead the development of technology. If the technology is not relevant to people in the industry then it’s not going to get traction,” he said.
One such technology, poised to become an integral part of the mortgage brokerage landscape, is open banking. But what sets open banking apart from the myriad of technology now available?
To begin with, open banking isn’t just another commercial software offering. It is a robust framework established on the foundation of new regulations. These regulations foster innovation, competition and empower consumers in the financial sector. Regulatory backing ensures not just credibility but also longevity, making it a reliable tech solution for brokers.
Open banking is bolstered by its solution to a crucial pain point for brokers: easy access to financial data. Mortgage brokers often find themselves navigating labyrinthine financial records, but open banking addresses this by offering seamless, real-time access to data. It allows brokers to view their clients’ current loan details and get immediate updates on any changes, eliminating time-consuming back-and-forths.
Open banking has been largely driven by the need for improved transparency, efficiency and client empowerment within the sector. Informed by the challenges faced by brokers, lenders and consumers, open banking has been designed to streamline processes and enhance user experiences. The industry’s guidance has been key in shaping its development, ensuring it stays relevant and gains widespread adoption.
The future of technological development hinges on its relevance to the industry it serves. Industry-centric solutions, such as Hound and Pup, have the potential to bring transformative changes, propelling the sector and its stakeholders towards greater efficiency. The industry’s role in shaping technology will guide the growth of innovation in alignment with real-world needs.