Crisis and Technology
How the mortgage market has coped with Covid-19 through technology adoption
iNTRO BY ms DEPUTY EDITOR
gARY aDAMS
The near year of chaos that has touched and reshaped our lives at all levels has required efforts of every type and from every person in order to get through. Zooming in to the mortgage market specifically, it seems there is no more applicable arena where this is demonstrated.
The dots that join up the house buying-and-selling process, from BDMs and underwriters to brokers and administrators, marshalled maximum energy, drive, character and pride in their work to keep delivering a top-notch service while the country wobbled.
Arguably as important as the professionalism of the people involved in navigating this speeded-up transition from one way of working to another was the technology they harnessed in doing so. While the invisible-to-many back-end processes were shifted from the office to multiple homes, and strategic decisions were made over Zoom, even the most tactile, personal steps in the mortgage journey were affected – house viewings were completed via iPads held in plastic-gloved hands, and sensitive conversations about protection occurred over Skype. Not only did the mortgage industry have to adjust quickly but so did the people it serves.
The chaos continues and looks as though it may do for a while yet, but we feel that the mortgage industry at least has found its footing. What better than to take an in-depth look at how the market coped with Covid-19 through technology adoption, and then to stride over the horizon to see what the future holds for further automation?
‘Not only did the mortgage industry have to adjust quickly but so did the people it serves’
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All hands
on tech
What does
the future hold?
Richard Beardshaw
head of sales
HSBC UK Intermediary Mortgages
