Are mortgages the next tech target?
By Crispin Heath on Wednesday, 7 December 2016
Just as technology has helped modernise and even introduce entirely new products across financial services, it is now being used to create a new generation of mortgages.
Following the growth of digital-first mortgage services by industry challengers like Trussle, who aim to take the hassle out of finding a mortgage online, Atom Bank has announced the launch of a new mortgage that is controlled solely via the bank’s mobile app.
For many, mortgages are still one of the most inaccessible and difficult to understand financial products they will ever have to deal with. By demystifying them and letting people buy and manage them as simply as they do their other spending, Trussle and Atom may change the nature of the industry.
In fact, we could find that in a few years’ time traditional providers and brokers will be following in the footsteps of today’s challengers, swapping reams of paperwork for apps and face to face appointments for real-time online chat.