Chris Waite, Managing Director of CasePRO, the UK’s leading case management system in the financial services field, believes that regardless of size, mortgage brokers, packagers and lenders need to put technology at the heart of their businesses.
CasePRO, which counts Moneysupermarket.com, Firstplus and Close Brothers among its clients, is looking to bring affordable processing technology to the market and show firms that they could be saving money and making their businesses more efficient by embracing technology as a vital helpmate.
Research by CasePRO reveals that up to 50% of mortgage brokerages still rely on manual record keeping in one form or other and that many others have yet to introduce an end to end solution, which is less reliant on human intervention, instead still relying on mismatched or outdated spreadsheet software programs.
Chris Waite commented “The administrative burden on all financial services businesses continues to grow. The cost of compliance alone in terms of time and effort to stay ahead of the need for accurate and available reporting, makes it imperative that every business, whether mortgage or investment based, should be looking to automate its administrative processes. The time when manual file keeping was sufficient is past. The demand on businesses to free up time for new business acquisition as well as ensuring that service levels are maintained and records are instantly available for compliance scrutiny means that all businesses should be investing in a technology answer.”
He added “The main barrier is the perception that the cost will be prohibitive and yet in reality the cost for a bespoke system set up to the specifications of the individual business is actually very low and that is without factoring in the savings in terms of man hours saved not having to do everything manually.”
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