The future of the mortgage and broking industry hinges on its ability to deliver customer focused products and services through multiple channels, according to ING DIRECT.
ING DIRECT executive director of distribution Lisa Claes said banks and brokers will need to provide more value and expanded access to multiple service providers to support customers.
“People are excited and engaged about buying a home not about getting a mortgage,” Ms Claes said.
Speaking at the AB&F Mortgage Innovation Forum, Ms Claes said banks and brokers can add more value by increasing the speed, convenience, accuracy and reliability of the mortgage process.
“The added value of these attributes will increase the “feel good” factor of buying a home which should be an enjoyable process,” she said, pointing to examples from Germany, Spain and the Netherlands to show international best practice in mortgage innovation.
Successful mortgage innovators of the future will keep close to customers throughout the entire life cycle of their home loans, Ms Claes said.
“Those that have meaningful digital dialogues with their customers will be in the best position to add value for the life of the home loan,” she said.
“This will present greater opportunity to work with customers to help build their financial future.”
Ms Claes said banks and brokers in the future will need to facilitate the increasingly self-directed customer, integrate distribution touch points and provide customers with wealth creation support rather than simply transacting a mortgage.