A survey conducted by a lender among the first to provide digital mortgages has shown that while more than 80% of finance brokers intend to rely on digital tools in the future, a significant subset of respondents communicated a lack of knowledge and confidence in knowing how to best apply such digital solutions.
Advantedge Financial Services’ survey also named electronic loan enabler eSign (73%), ID tools such as IDyou and ZipID (78%), and Digital Mortgage Documents by MSA (62%) as the tools most likely to be used within the industry in the future.
“In the midst of COVID-19, it is more important than ever that brokers have access to and education around the latest technology to provide a simple and quick end-to-end process for their customers,” said Advantedge GM Adam Brown.
“In this constantly evolving digital world, our customers are seeking a quicker and more convenient mortgage process.
“As a business, Advantedge has always strived to place digital capability and simplification at the heart of everything we do. Over the past few years, we have been on a continuous journey to support brokers with the latest technology and solutions.”
Advantedge hosted its first-ever Digital Mortgages Webinar in late July, updating brokers on its eSign upfront capability via Loanapp and ApplyOnline, as well as the group’s adoption of verification app IDyou, which facilitates remote functionality.
The NAB-owned wholesale funder was one of the first lenders in Australia to offer digital mortgages upon partnering with MSA in 2017; currently, 82% of all mortgages the group writes are settled digitally.
“We remain focused on making things simpler for the better to ensure straightforward and competitive pricing and seamless service,” said Brown.
“It is only by listening and responding to broker feedback that we can continually raise the bar, which is even more important in today’s complex operating environment.”
Advantedge’s latest Net Promoter Score (NPS) has suggested its recently simplified offer is resonating with brokers: since July of last year, the group’s broker NPS has increased to +41 while its customer NPS has risen to +31.