One Mortgage System (OMS) recently hosted Tech Talks, an event where senior industry leaders discussed the future of technology in the mortgage sector.
As part of the event, a panel session was held, hosted by Pepper Money intermediary relationship director Rob Barnard.
The panel consisted of Open Property Data Association chair Maria Harris; Association of Mortgage Intermediaries (AMI) chief executive Rob Sinclair; One Savings Bank group head of distribution Emily Hollands; LDN Finance chief operating officer Greg Cunnington and OMS chief executive Dale Jannels.
The panel session closed by asking each panellist about their tech predictions for 2024 and this is how they responded.
Maria Harris at OPDA said: “There’s been so much that’s happened to get us to this point. And now we are at the point of adoption, so I think 2024 will be the tipping point. And then we’re going to reach critical mass and it will actually feel like we’re at the point where we’re genuinely going to make a difference. I think 2024 will be a breakthrough but not in a big blockbuster way. It will be a big breakthrough in a tipping point of the adoption of technology.”
Rob Sinclair at AMI commented: “Moving is said to be one of the most stressful things that anyone will do in their lifetime, but the stress is a compounding stress because of the knock-on effect of how it affects the family, work etc.
“The government recognises that the compounding stress is one of the things that’s causing a hit on all parts of society, and therefore taking that away is fundamental and should be driven by our deeper principles other than it’s just a nice thing to do, we need to do this, and tech will enable us to get there.”
Emily Hollands at OneSavings Bank said: “There’s definitely a pinch point coming and listening to what everybody said, tech is obviously a massively key topic for next year. I think my prediction will be that it will come from a service delivery perspective and not necessarily completely changing the way we do things but offering a better service.”
Greg Cunnington at LDN Finance suggested we won’t see a eureka moment. “But we’ll see so many marginal gains, things will look unrecognisable almost in 12 months from a productivity improvement perspective.”
As far as Dale Jannels at OMS is concerned there will be a lot of strides made forward next year. “But I think from my point of view, the biggest message I can get out there is, don’t just think about it, get on with it! Stop thinking about it, deal with it and do it because right now we’re in a relatively quiet period, so now is the time to start preparing for 2024 and 2025”.
He added: “Tech efficiencies are going to double very, very quickly over the next 12-24 months, so embrace it.”
