YBS Commercial Mortgages

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Striking a balance

Recognising the benefits technology can bring, but with a note of caution

Tom Simpson Managing Director YBS Commercial Mortgages

Here at YBS Commercial, we’ve recently started the process of rolling out our broker portal. This is something we are very excited about because it will give brokers more control over their applications and free up their precious time.

The portal has been designed with efficiency and effectiveness in mind, allowing brokers to see, at a glance, what’s outstanding and enabling them to easily request more information if and when the need arises. In addition, the secure document sharing facility allows brokers to upload and download all the paperwork.

Essentially, the portal provides all the information brokers need about an application without them having to contact us directly.

It’s all about balance

All of this is great – as we know technology offers many benefits and opportunities. However, we are also mindful that we need to maintain a balance between the introduction of technology and preserving the high level of service that both our brokers and customers have come to expect.

The broker portal isn’t meant to do absolutely everything – and this is quite a deliberate move for us.

What I mean is, we are taking a great deal of care to ensure that our offering is not just about technology but people and relationships too.

For lenders, it is vital to try to strike a balance between recognising the importance of human interaction and the benefits of technology. We know some lenders have moved to offering a service where speaking to a person is by exception only. This isn’t what we are about, or will ever be. Our brokers and their clients have the choice and that can only be a good thing.

We have all experienced frustration or anxiety when a process uses too much technology. Sometimes, the only way forward is to speak to a human, especially when brokers need clarity on a complex application. We get that, and the risk of negative feedback and potential loss of customers or brokers, isn’t one we’re willing to take.

A good start

So far, we have had a great response to the portal. Most of the feedback shows that brokers can really see the benefits. However, we recognise there will always be those who are more cautious, and perhaps even those who believe the introduction of new technology – like the portal – implies less heavy-lifting work for us and more for them.

This isn’t the case. Yes, technology can help us to process things more quickly and smoothly, freeing up our internal teams to focus on complex tasks, but the portal is designed to make the process easier, more efficient, and more effective for everyone.

“Sometimes, the only way forward is to speak to a human, especially when brokers need clarity on a complex application

When we started development, we took the time to get the interface right and build something bespoke which met our needs and more importantly, met the needs of our brokers. That is why the portal asks for around a third less information than required using our paper application process – a huge benefit not only to us, but to our brokers too.

We’re all catching up

As we all know, the pandemic accelerated the use of technology in society as a whole. But it is fair to say we already had the broker portal on our radar. Perhaps the pandemic has encouraged more openness to the changes it might bring, following in the footsteps of the wave of technological advancements which were forced upon us, as we were all sent home to use Microsoft Teams or Zoom.

What’s next?

There is no doubt that the direction of change is being driven by technology – for lenders, brokers, and customers. Here at YBS Commercial, we firmly believe that technology will complement our offering. It is not something to fear as long as we take care to ensure that relationships stay front and centre of transactions. And that strikes the right balance.