It’s not often, or probably ever, that the technology used by mortgage brokers is linked to Bob Dylan. But after watching the recent biopic starting Timothy Chalamet – this legendary song reminded me of the results from our most recent Mortgage Lender Benchmark study.
What’s clear is that technology is increasingly helping brokers do the ‘heavy lifting’ across many aspects of the advice process. With fluctuating interest rates and often sudden rate pulls, the reliance on technology to help customers quickly find and secure the best deals has never been more apparent.
As part of our six-monthly study, we ask brokers for their views on a variety of technology solutions including product and criteria sourcing, CRM and affordability calculators. Here’s a summary of our recent findings:
CRM
The H2 2024 analysis of CRM providers highlights shifting broker preferences and changing performance trends within the sector. Iress with their Xplan system leads the rankings with an overall satisfaction score of 81.5%, maintaining its position as a top performer and excelling in ease of use. The Stonebridge Revolution system also performed strongly and appeared as a new entrant in our study, marginally behind Iress in second place.
Providers like One Mortgage System, Smartr365 and Finova perform well, particularly in areas like innovation and customer support.
As the CRM sector continues to evolve, providers that prioritise user experience, innovation, and robust customer support are better positioned to enhance broker loyalty and improve satisfaction scores in the long-term.
Product sourcing
Air Sourcing leads the sector with an impressive overall rating of 89.3% and the highest NPS of +56.7, excelling in ease of use, customer support, and innovation. Obviously, this system only caters for later life products, but it’s clear they understand this sector well and deliver to the needs of brokers.
Twenty7Tec follows closely with strong performances in meeting broker expectations and overall reliability, whilst other providers such as Mortgage Brain and Iress maintain solid standings, offering consistent value and support.
Criteria sourcing
It’s no real surprise to see Knowledge Bank lead the sector with strong performances across measures, including excelling in ease of use, customer support, and innovation.
Air Sourcing again score well – achieving the highest NPS. Mortgage Brain maintains a solid standing with balanced scores across metrics, while Twenty7Tec and Legal & General show steady but moderate performance, leaving room for growth in innovation and meeting expectations.
Affordability
The affordability provider sector in H2 2024 demonstrates a diverse range of performances, reflecting both strengths and challenges within the market. Mortgage Broker Tools (MBT) leads the way with an impressive overall satisfaction score of 88.0% and the highest NPS of +41.8, maintaining its reputation as a reliable and user-friendly solution.
Providers like Mortgage Brain and Twenty7tec deliver consistent results, clearly meeting brokers’ operational needs effectively. Meanwhile, L&G and Iress offer steady performances, reflecting their ability to meet basic expectations but with opportunities to enhance perceived value and innovation.
Lenders' online tools and systems
We are also seeing certain lenders distance themselves from their peers in terms of the technology solutions they provide to brokers. It’s interesting to see that of the top-rated lenders for broker satisfaction for their online tools and systems, we have two building societies, plus a challenger bank, a specialist and an equity release lender.
Call outs go to Principality and Skipton building societies who occupy first and fourth respectively, with Atom bank coming joint first alongside Principality. Pepper Money are a very close third with Pure Retirement in fifth.
However, of the larger high street lenders, only Halifax make the top ten, so lots of room for improvement for this cohort.
Times are definitely a changin’, what will our H1 2025 Lender Benchmark Study show? It’s only a few months before we find out...
