"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."
- Maria Harris, chair of the Open Property Data Association
A panel of mortgage experts have agreed that the momentum of technological growth in the mortgage sector will continue in 2024.
One Mortgage System (OMS) hosted its inaugural Tech Talks, an event discussing the future of technology in the mortgage sector with senior industry leaders to get their thoughts on what 2024 will hold.
Over the past 2-3 years, the intermediary mortgage market has undergone a transformative shift, with brokers and lenders increasingly turning to digital solutions to help streamline processes, enhance efficiency, and improve the overall client experience. With the positive outcomes witnessed in recent years, the panel agreed there are clear signs that this momentum will continue to surge in 2024.
The panel session closed by asking each panellist about their tech predictions for 2024.
Maria Harris, chair of the Open Property Data Association (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, chief executive at the Association of Mortgage Intermediaries (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, group head of distribution 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, cief operating officer at LDN Finance, agreed: “We won't see a eureka moment. But we'll see so many marginal gains, things will look unrecognisable in 12 months from a productivity improvement perspective.”
Dale Jannels, chief executive officer at OMS, added: “I think that 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.
“Tech efficiencies are going to double very, very quickly over the next 12-24 months, so embrace it.”
