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If you haven’t noticed, technology start-ups are focused heavily on the financial services industry. Needless to say, the fintechs are here to stay whether you like or not.
All you need to do is open any financial publication virtually on any given day and you will see an article or headline talking about the latest fintech to hit the market or another fintech which was acquired by one of the major players. It’s no longer a question of when will they be here. They’re already here.
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Many brokers I have spoken to recently are more focused on the day-to-day writing of mortgages than preparing for the upcoming changes.
Many have been saying, “I’m too busy writing business to worry about which fintech is doing what”. Others have suggested the fintechs are disruptive by nature and are trying to take business away from mortgage brokers.
My opinion is the fintechs are bringing an array of tools and platforms designed to add value to the broker and client experience. Much of the concerns and comments are driven by fear of the unknown. It’s human nature to be wary of anything that is not familiar. Add a busy diary, some client urgency and a dash of deadline frenzy, and you’ve got the template of a busy broker. Pretend that everything is fine and dandy, and you could be watching the headlines from the sideline rather than sharing in the spoils, and boasting of a strong and growing client book.
In my view, the savvy advisers are embracing technology. They’re continually researching and keeping check on the market conditions, and developing seamless systems and procedures to outplay their competitors. There’s probably never been a time when the industry has changed so quickly and so often. Mind you, these changes are far from over.
There’s never been a more crucial time where working ‘on’ your business is paramount to staying ahead of the market. Change brings opportunity. It has a way of levelling the playing field and dealing out the hand of cards again.
Do nothing and you might get dealt a crappy hand. Be proactive and you can be dealt a winning hand and be part of the redistribution of wealth that is upon us.
[Related: Fintechs 'on the front line' for brokers]
