As the popularity of online shopping, researching and comparing accelerates, Evaluate urges brokers to embrace the changes in the national psyche by marketing themselves to target the ever increasing number of consumers demanding to play a more active role in the mortgage and financial services sourcing process.
According to statistical data from Forrester Research around 28 million UK consumers shop online today and the figure is set to jump to 37 million by 2014, the equivalent of £56bn in value.
The research added that UK consumers are leading the online shopping trend, with spending reaching around £1,312 per person per year.
By comparison, Germans spend £771 a year online and the French spend £693 annually.
Julie Speed, national accounts director at Evaluate Technologies, says:
“Firms operating in the mortgage market have to look at what is happening around them and realise how powerful a tool the internet really is and work with it not against it. There will always be a need for advice as house buying remains the biggest commitment there is but there is growing evidence that people are looking to take a more active role in the sourcing and comparison process.
“The amount of time being spent online is growing at a huge rate and for the mortgage market to be so behind the rest of the financial service industry in the utilisation of this technology is nothing short of staggering. There is still time to make changes to firms outlooks and models but these must be done soon to really maximise the huge potential that the internet can add to broker’s offerings.”