Just shy of one-fifth of homeowners feel that the technological features offered by lenders are falling short of their expectations, according to the latest report from UK-based cloud mortgage and savings software provider, finova.
After surveying over 500 borrowers and 500 brokers for its new report ‘Homeownership in the digital age‘, finova reveals that 19 per cent of homeowners are dissatisfied with the services and features lenders have offered them.
Through the report, finova looks to understand how time-consuming the path to homeownership is in the UK. Besides frustrations with the current technology available to them,
Although frustrated with current technology, finova’s study also found that a considerable 42 per cent of respondents still believe that speaking on the phone is the most effective method to address queries about their mortgage. The value of the ‘human touch’ is apparent when considering attitudes towards specific digital tools, too.
Although artificial intelligence (AI) has become increasingly commonplace in the last two years, just 13 per cent of borrowers enjoy using chatbots, while only 12 per cent find that virtual consultants with mortgage advisers are productive.
Meeting customer expectations in the lending space
Among the tech features that resonated the most, nearly a third (30 per cent) find the online application process the most useful, while 23 per cent value digital document signing.
Chris Little, chief revenue officer at finova
Chris Little, chief revenue officer at finova, commented: “Our research highlights some significant gaps in the market, confirming that lenders’ tech still has some way to go before it completely aligns with borrowers’ expectations. While the sector has upped the ante in recent years, and is increasingly adopting more digital solutions, there is still room for improvement.
“A considerable portion of borrowers still value personal interactions, and there’s no reason why they have to forgo the human element to reap the efficiency benefits that come with digital solutions. The popularity of tools like online applications and digital document signing demonstrates that there is a real appetite for technology when done right, but we need to take stock of how preferences vary across the board if we want to implement tech that is here to stay.”
finova’s findings and the report look to pinpoint the opportunities available for lenders to reassess and enhance their digital solutions to keep up with consumers’ evolving demands.
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