Craig Hall - Head of Broker Relationships & Propositions at Legal & General Mortgage Club
In this week’s Thinking Outside the Blog, we chat with Craig Hall, Head of Broker Relationships & Propositions at Legal & General Mortgage Club, about their latest Making Mortgages Simply Better campaign and find out what they’re doing to make things easier for you and your customers.
Precise Mortgages: Hi, Craig. Can you tell us more about the Making Mortgages Simply Better campaign?
Craig Hall: Every spring we hit the road to deliver a series of events to advisers at locations around the country. With the market becoming more complex following all of the regulatory, legislative and taxation changes in recent years, we like to get out and about to meet and educate advisers about the latest developments and help them to stay on top of things.
The theme of this year’s roadshows is how L&G is making it simpler for advisers to place their cases. We also wanted to show advisers that technology isn’t to be feared, but something they should be embracing and making it work for them.
For now, the industry is facing the immediate challenge of adapting to the implications of coronavirus and, as a result, we have had to postpone several of our March events. However, we’re still planning to hold more roadshows in the coming months. We work with thousands of advisers and more than 90 lender partners, so we see these events as a great opportunity to help shape the future of the adviser journey and the mortgage market as a whole.
PM: Why is it so important for the mortgage market to embrace new technology?
CH: We’re all accustomed to using our phones and computers for everything from communicating with our family and friends, to doing our weekly shopping, to booking our holiday. One of the only places that seems immune from digitalisation is the mortgage market.
The market needs to change. We’re on the crest of a digital wave and we’re going to see some real changes in the next couple of years. The market is data rich and ripe for disruption, so everyone will have to evolve and adapt to remain relevant.
PM:Can you give some examples of technology you’d like to see the industry adopting?
CH:When everything else nowadays can be done at the click of a button, we don’t believe you should have to key in a customer’s data multiple times when it only needs to be keyed in once. There has been much discussion regarding lenders adopting APIs (Application Programming Interface), which sees data transferred from the adviser’s customer relationship management (CRM) system straight into the lender’s system. Progress is being made here, but perhaps not at the pace at which the market expected – could 2020 be the break-through year?
I would like to see more lenders accepting electronic identification and verification - in 2020, customers shouldn’t still be having to put their original documents in the post. The digitalisation of documents will help to speed up the mortgage application by removing manually intensive tasks of scanning, recording and posting the documents back, while also potentially enhancing the checks carried out on potential borrowers.
PM:Is there anything advisers can do to boost their business?
CH:Advisers should ask themselves ‘How am I engaging with my customers?’ It’s never been more important to remain relevant and engaged with your client base.
If you’re not engaged with them, you can guarantee someone else will be. That’s why adopting a good CRM system is invaluable. With more customers opting for longer-term mortgages, advisers will find it essential to stay on their clients’ radar. This could be with a regular newsletter or a simple birthday greeting, so when they reach the end of their existing term they’ll remember to come to you for their next product.
Sometimes, though, it’s not just about the latest technology. Simply attending industry events, such as our Making Mortgages Simply Better roadshows, can help you to keep in touch with what’s going on in the wider market place, find out about emerging trends and discover new ways of growing your business.
PM:Thanks for chatting with us, Craig. That’s been a fascinating insight into what we can all do to make mortgages simpler for customers. If you’d like to find out more about what Precise Mortgages is doing, click here.