01 Feb 2017

By Mark Blackwell, Lending & Surveying Services Director, eTech Solutions

Mortgage Finance Gazette, February 2017

Recent Institute for Public Policy Research (IPPR) data said Britain faces a “decade of disruption” driven by EU de coupling, a slowing economy, an ageing population and technological transformation.

In the workplace they expect “exponential” improvements in new technologies such as artificial intelligence and machine learning that will change the way people work and It maybe by 2030 autonomous vehicles are everywhere and robot and smart machines have average IQ’s higher than 99% of humans.

Picking the bones out of all this supposed disruption in an environment of an ageing population, lower productivity trends, weaker investment and higher levels of debt will undoubtedly be those planning a technological future in the UK’s mortgage and property risk businesses.

The experience of the last decade will hold the mortgage market in good stead. Lenders and Surveyors who have survived and thrived since the storms of 10 years ago will have accelerated out of the starting blocks already as they re- engineer their businesses with the advantage amongst others of much more adaptive technologies.

The competitive advantages will likely be in small margins gained as a result of a thorough understanding of their company’s productivity, service level performance, a detailed knowledge of each process and how they can be constantly improved.

The adage if you can’t measure it you can’t manage it will be as important as ever and tools to provide oversight and governance particularly in the surveying and valuation world will be paramount if we do head into straitened times and process and business efficiencies refinement become de rigueur for business managers.

The mortgage market is in good shape, plentiful product innovation, new lenders improving competition, healthy transaction volumes, modest house price growth, low interest rates. Coupled with improved technology throughout the mortgage lifecycle in 2017 we should be able to put up a good fight against adverse market factors.

 

Read the full publication online here

 

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