Four in 10 customers believe robo-advice will be faster and more convenient than talking to an adviser, according to a upcoming report. The study
Four in 10 customers believe robo-advice will be faster and more convenient than talking to an adviser, according to a upcoming report.
The study, Digital Change and Mortgage Borrowers, has been commissioned by the Council of Mortgage Lenders from its associate and consulting specialist Accenture to explore the impact of technological change on the homeloan market.
The research also reveals four in 10 customers want a blend of digital channels and others in which they can deal face-to-face with a member of staff.
Two-thirds of consumers would prefer to speak to an adviser about complex products, because it gives them the opportunity to ask questions and receive a personalised service, according to the report.
The biggest opportunity presented by technology was said to be the potential to improve customer experiences and relationships, while the biggest challenges were presented by legacy systems and thinking, and the need for greater collaboration externally.
Also included within the report is an analysis of how evolving technology might be applied to mortgage markets, exploring such areas as digital property searches, customer hubs, automated decision-making, blockchain and analytics.
A recent report from HSBC revealed a more cautious attitude towards technology in the mortgage market, with just 21 per cent of people saying they would trust a robot to give them mortgage advice.
The Accenture researchers will present their key findings, which will be open to debate, at the CML’s forthcoming MortgageTech UK event at London’s ILEC Conference Centre on 27 June.
Andrew Montlake, director at London-based Coreco Group, said he did not think brokers needed to be too concerned about robo-advice.
“I think with all of these things, the truth lies somewhere in the middle,” he added. “Yes, it could take a small percentage of the market, but the reality is most customers would want a blend. They will want an efficient way of doing things but still not want to lose the personal touch.”