Phil Whitehouse..Blog

Tuesday 17th May 2011

Working within the mortgage market for far more years than I’d care to elaborate upon, it’s always been clear that in order to progress, all those operating in the intermediary market must be open-minded when it comes to innovation, ideas and new concepts. 

Of course, technology has been around for many years; in fact it is 20 years since the worldwide web was launched to the public by Tim Berners-Lee, who developed it primarily as a research tool.

In the following 20 years it’s tricky to fully catalogue all the advances that have taken place in and around the internet, and it’s sometimes difficult to realise how we coped without it, especially within the working environment. 

It is a fact that access to the internet has become the norm in the vast majority of homes in the UK and search engines are generally the home page for the majority of home and office computers.

The internet is almost always the first point of access for people when looking to purchase anything as it’s the simplest way to ensure that a purchase, whether online or not, is the cheapest that it can be. 

Websites that simplify this process are inevitably best placed to try and capture this business, whether it be first-hand or through a linked service. As such, the look, feel, content and navigation of any particular website have continued to rise in importance.

It’s an obvious statement to make, but websites are essential for sourcing and submitting business and providing clients with a range of product information. So why is it that not every intermediary firm has one?

And just as important for those that do have a web presence, many are still not optimising its potential to explore a variety of sales and marketing opportunities to enhance their worth to their clients and ensure that all additional revenue streams are fully utilised.

Despite the growth of the search, compare and purchase phenomenon, the advice process is certainly one that remains clearly valued in terms of financial products, particularly for those which are mortgage related. 

Many smaller intermediary firms have historically concentrated on a localised market. However, with the internet being, in many cases, the initial source of a much wider stream of business, the opportunity to reach a more extensive client base should not be ignored.

Of course, online offers massive potential the world over, but this can also be used as effectively for attracting a regional audience as it can a national one. The important aspect to utilise is the fact that online can help facilitate contact and relationships with potential clients that were previously not within reach. 

Having a good-quality, informative website and online solution that empowers the client and works to build up the trust that they have access to the best and most suitable product at the right price aligned with a high quality of service, is the most important thing. It is no longer acceptable to have a website ‘under construction’ or to simply show some best buys that the client may not qualify for. 

A good online solution provides an increasing number of options for clients, ensuring that intermediaries can maintain a real edge on their competitors, therefore enabling them to improve referral and retention rates.

Firms should be looking to form affiliations across all sectors of the market, but this is not always easy to control. As such, a compelling online proposition with an integrated online consumer platform can provide a great vehicle for firms of all sizes looking to get the most out of their existing client databases as well as attracting new clientele. 

A successful online platform will allow intermediaries and their clients access to a number of new income-generating opportunities in a variety of ancillary areas and help boost marketing opportunities.

In a tough, competitive marketplace, it remains clear that intermediary firms must continue to do all they can to combat dual pricing and arm themselves with the ability to fight back at the price comparison websites and generate their own leads.