Finova’s research highlights the ongoing difficulties brokers face with lenders’ technology systems.
- Nearly half of brokers report consistent technical issues, despite recent digital investments by lenders.
- Brokers are spending increased time on administrative tasks, despite technological upgrades.
- Communication inefficiencies with lenders remain a major challenge for brokers.
- There is a strong call for improved user interfaces, system integration, and security measures.
Finova’s recent study sheds light on the persistent technical challenges faced by brokers in dealing with lenders’ systems. Despite lenders’ efforts to modernise their digital tools, nearly half of brokers consistently encounter issues. This shortfall in technological reliability creates a complex landscape where brokers must navigate frequent glitches.
Although there have been significant investments in digital technology, brokers find their administrative burdens increasing. Approximately 58% of brokers report spending between five to ten hours weekly on administrative duties, with 41% spending even more time. This increased workload suggests that technological advancements have not translated into greater efficiency for brokers.
One of the primary challenges for brokers remains inefficient communication with lenders. The dynamic nature of rates and criteria necessitates constant updates, which 48% of brokers identify as especially time-consuming. Additionally, nearly half of the brokers find scanning and digitising documents a significant workload, pointing to persistent process inefficiencies.
Despite the technological hurdles, the majority of brokers (90%) acknowledge the potential of technology to ease workloads if implemented effectively. However, there is an overwhelming consensus on the need for smarter solutions focused on usability enhancements, improved integration with brokers’ systems, and strengthened security measures.
Finova highlights the necessity for robust customer support and training, with 37% of brokers prioritising these elements. Chris Little from Finova emphasises the importance of strategic tech investments that enhance communication and integration, enabling brokers to better serve their clients and optimise workflow.
The findings underscore the critical need for improved collaboration and smarter technological solutions to better support brokers in their critical role.
