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DPR Consulting Ltd.
6th Floor
Commodity Quay
St Katharine Docks
London E1W 1AZ
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Robo Advice has been a hot topic for some time now, and rightly so has brought mixed emotions. Technology is here to stay in all aspects of our lives. In the finance industry, the regulator is encouraging innovation and has even launched a robo-advice unit earlier this year, which offer firms help to develop their bespoke robo advice. In an industry of constant change, the general consensus is that a blend of technology and human interaction will enhance the advice process, which will benefit the customer overall. For mortgage applicants, if the customer is able to do some background work themselves with the help from robo advice, this will free up brokers, enabling brokers to apply their specialist knowledge and skills, leading to an even better customer service. When brokers are able to

Robo Advice has been a hot topic for some time now, and rightly so has brought mixed emotions.

Technology is here to stay in all aspects of our lives. In the finance industry, the regulator is encouraging innovation and has even launched a robo-advice unit earlier this year, which offer firms help to develop their bespoke robo advice.

In an industry of constant change, the general consensus is that a blend of technology and human interaction will enhance the advice process, which will benefit the customer overall. For mortgage applicants, if the customer is able to do some background work themselves with the help from robo advice, this will free up brokers, enabling brokers to apply their specialist knowledge and skills, leading to an even better customer service. When brokers are able to provide an exceptional service, it will set them apart from what a robot can do, making them invaluable. After all, a robot cannot give the same level of service and personal attention and detail that a broker can.

There are now two robo advice providers in the mortgage market: Habito and Trussle. Despite suggesting that they provide a digital-only mortgage advice service which is human-free, both businesses have a strong human element to their advice processes. It is this combination that makes them successful.

The customer is at the centre of the mortgage process. We need to ensure they are able to access the mortgage industry in a way that makes them the most comfortable, in a simple and speedy manner, ensuring all information is easily captured, validated and real time responses given.

No matter how useful robo advice is, the customer may want some form of human interaction when making such a large purchasing decision. Therefore, robo advice is not a threat. We should embrace it and fuse it with the processes we have to enhance the customer experience.

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