There have been massive changes in the look, feel and capabilities of sourcing systems over the past few years
Sourcing systems have been around for so long now that it is easy to think they have the same features and capabilities as they did many years ago. The fact is, though, today’s systems are a world away from those of even two years ago.
Sourcing systems are so much a part of an adviser’s working life that many people take them for granted. Having access to such a high level of information at the touch of a button is so unremarkable as to be largely ignored in the hustle and bustleof the office.
But it is worth remembering there have been massive changes in the look, feel and capabilities of sourcing systems over the years, which have come about thanks to the continued innovation, creativity, foresight and financial investment from technology suppliers.
For example, six years ago saw the launch of the very first sourcing system designed to be used both online and offline. It enabled intermediaries to conduct around 90 per cent of the mortgage search and selection process from one screen. Two years later we saw such systems change shape yet again with the launch of consumer-facing mobile apps.
More recently, sourcing systems have been developed to help advisers make the most of the second charge and secured loans market. Some advancements here have come in the form of add-ons and extra sourcing filters.
And let’s not forget one of the industry’s proudest achievements: device-independent sourcing systems. Such systems allow advisers to work quickly and efficiently wherever they are, whether on their PC, laptop, iPad or iPhone.
These systems enable advisers to touch or swipe their way through the mortgage advice and sales process, and mean they can start a case on a laptop at home, for example, continue on another PC at the office and pick it up again on an iPad at a later date.
It is also worth remembering that, while all these innovations have been happening, sourcing systems have had to adapt to meet the ever-changing needs of regulation. This has entailed further changes and enhancements in terms of functionality and capability, with the introduction of the European Standardised Information Sheet last year being only the latest example.
And we are not even done yet. The mortgage industry is supported by forward-thinking, ever-changing, pioneering technology experts, who are proud to support advisers with the latest solutions available. And it always will be.
So, do you still think sourcing systems have not changed much over the years?
Mark Lofthouse is chief executive at Mortgage Brain