Lisa Claes: Brokers will get mobile or get left behind

A clear line will be drawn between the winners and losers of the broking profession, says ING Direct’s Lisa Claes, and that line is digital.

A clear line will be drawn between the winners and losers of the broking profession, says ING Direct’s executive director of distribution Lisa Claes, and that line is digital.

Currently more than 40% of all customer interactions with ING Direct are via mobile channels, she says, and customers are increasingly demanding technology-oriented service.

“Customers of all demographics are becoming more digital-savvy and wanting to interact with their trusted advisers anytime and anywhere,” she says.

“Brokers that can offer digital solutions in the way they interact with their customers will certainly resonate with the tech-savvy consumer.”

The mobile channel shouldn’t be seen as a threat to the industry, says Claes, but definitely as a threat to brokers who do not embrace the technological shift.

“Mortgages are a complex retail product and given the incumbent position brokers have in the mortgage landscape I don’t think broking as a whole will lose out to digital, but there will be winners and losers within the population as to how well they harness the power of digital and social media.”

Mobile applications are increasingly making their mark on the broking world, with brokers and lenders using a variety of apps to interact with customers, generate leads and speed up the loan application process.

Recent statistics released by the MFAA found that 84% of businesses that embrace mobile as a client communication tool see an increase in revenue.

In contrast to this, businesses that don’t adopt mobile technology can expect to lose up to 50% of their income streams within two years.

With 56 billion app downloads expected this year, the MFAA gives some timely tips for brokers on mobile technology:

  • Realise that app building and management can be easy and affordable, even for small businesses and sole operators;
  • Understand that new technology is not all about the Internet. Mobile and tablet devices function differently to personal computers, and are used in different ways;
  • Be careful with web based apps, also known as hybrid apps, as they rely heavily on 'web-services' and don't work as well on a phone as 'native apps';
  • Embrace social change and new technologies. Instead of being overwhelmed by new concepts, partner with people who understand both mobile apps and the industry that you're working in.