Digital Disruption: What Brokers Need to Know
Recent articles regarding the expansion plans of so-called “digital disrupters” need to be seen as an opportunity for high-quality mortgage brokers to increase their market share further.
There is no argument to the fact that multiple COVID lockdowns have turned consumers into mobile searchers and digital hunters. However, when someone is looking to make the most expensive transaction in their lives at that time, nothing beats a face to face appointment with an expert.
Will digital banks thrive and take market share off third party channels? I don’t think so, and the statistics back me up.
60% of all mortgages are settled by mortgage brokers, and all the research indicates that number is only increasing. Smart businesses can and will take advantage of digital marketing, and tap into the online lead generation world by spending more on SEO and a simple but dynamic website.
The new entrants into digital banking join several longer-term players, who at this stage haven’t been overly successful.
One wonders if ROI starts to get too ugly whether shareholders and finders will continue to stump up large sums of money to keep these disrupters liquid.
It seems like every day, a disrupter, funders, banks or government tries to reduce a broker’s livelihood.
We are a resilient bunch
Remember, be proactive, not reactive and we will continue to lead the way in mortgage growth.