Few aspects of lenders’ services are as controversial as their use of technology. For lenders, there can be a fine line between technology that helps and technology that hinders. When technology works well and is used correctly, it can be transformative, but when it goes wrong – or becomes outdated – it becomes a source of intense annoyance for brokers.
Lenders that have earned Top Rated or Rated status for their technology have demonstrated that they understand what brokers need, have invested in their digital offerings and are using technology to make life easier for brokers.
Once again, individual lenders’ scores across all sectors fluctuate significantly in their use of technology. A lender can excel in every other service area but still fall short in technology, and vice versa.
Mainstream lenders’ technology scores are the most consistent across the board, yet represent the second lowest scoring area. Nearly all of the companies with the highest rating or rating for service overall also achieved the same rating for their technology.
Meanwhile, three mainstream lenders outside the overall Top Rated group – Foundation, Generation Home and West Brom for Intermediaries – stand out for their technology, demonstrating that they can compete with, and in some cases outperform, some of the larger lenders.
In the specialist area, technology has proven to be the weakest link. While the scores are fairly consistent among the top rated and rated general lenders, two others – Hodge Lifetime and Metro Bank – have surpassed some of their peers and both received a Rated award.
For BTL lenders, the picture is more varied. Those in the top quartile outperformed their counterparts.
Notably, all lenders that achieve Top Rated or Rated for Service overall have received the same recognition for technology, with one exception. This has paved the way for the Principality Building Society to achieve Rated status for its technology, demonstrating that effective technology is not just the preserve of the largest lenders.
All Rated for Service data can be accessed through the dashboard. To access the ranking data for each rating area, simply select the Ranking button for the lender category of your choice. You can then filter the data based on the ranking for each rating area to determine the lender’s descending/ascending performance.
Factor analysis is also available for each lender category to enable benchmarking of a panel of lenders against the average score for each rating area. This can be filtered by broker type and caseload, providing tailored benchmarks for individual brokers (up to five lenders).
View the full dashboard below: