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From Traditional to Digital: 5 Upgrades Mortgage Advisers Can Make to their Client Process

As client and regulatory demands continue to evolve, integrating technology into your client interactions has become increasingly important. Explore five key areas where technological solutions can enhance your mortgage and protection advice business by streamlining customer paperwork.
client process
Digital Fact-finding: The Evolution of Client Information Gathering
Traditional Approach
Advisers have traditionally relied on face-to-face sessions or phone calls to gather essential client information. This approach has evolved to encompass sending out word document or PDF fact finds, which are sent to clients for completion. Several challenges plague this approach:
  • Clients often overlook specific sections as these documents lack validation checks.
  • The intimidating task of filling out lengthy 15-page+ documents deters many.
  • Word and PDF forms aren't mobile-friendly.
  • Phone calls lack the evidence required for regulatory purposes.
Modern Solution
The introduction of digital fact-finding tools, such as those within the Keychain platform, modernise the fact find process. These tools are crafted with individual transaction types in mind. For instance, a fact-find for a first-time buyer will have unique mandatory questions compared to one for a landlord handling multiple remortgages. Some advantages include:
  • Mobile-friendly interfaces.
  • Convenient, any-time data input for clients.
  • Easy export functionality for compliance and documentation
  • A process which can be evidenced for the purpose of Consumer Duty
Document Sharing 2.0: Merging Efficiency with Compliance
Traditional Approach
Clients historically provided physical copies of required documents during face-to-face meetings or emailed their documents to their mortgage and protection adviser. However, sharing sensitive documents through email presents several issues:
  • Inability to monitor upload progress when split across multiple emails.
  • Challenges in document organisation.
  • Potential GDPR compliance violations.
Modern Solution
Dedicated client portals (like Keychain) or specialised third-party software (like Dropbox) ensure documents are exchanged between client and adviser securely and efficiently. Benefits include:
  • Real-time tracking of document uploads.
  • Instant organisation of client files.
  • Appropriate GDPR treatment.
E-signatures: Streamlining Necessary Approvals
Traditional Approach
Brokers send documents, such as the IDD or privacy policies, to clients via email, requiring them to print, sign, scan, and return them. This method often leads to significant delays and inconvenience, especially if clients lack immediate access to printers.
Modern Solution
Mortgage and protection client portals (like Keychain) or specialised third-party software (like Docusign) have simplified this process. Clients can now compliantly e-sign documents from any location, on any device, without the fuss of printing or scanning.
Automated Reminders: Nudge without Annoying
Traditional Approach
People aren't fond of paperwork, and advisers traditionally need to follow-up with clients via calls or emails to ensure clients complete necessary admin. This method isn't only time-consuming for advisers but can also strain the adviser-client relationship, especially if reminder calls interrupt a client's busy workday!
Modern Solution
Specialist mortgage and protection client portals now incorporate automated reminder features. This technology ensures clients receive gentle prompts to finish tasks without feeling harassed. See our article on the benefits of automated reminders.
Comprehensive Partnership Arrangements: Full-service Advice
Traditional Approach
Brokers often find it challenging to set up and maintain a broad array of partnerships, from conveyancing to other services like removals or home insurance. Consequently, many clients don't receive introductions to these additional services, resulting in a fragmented experience.
Modern Solution
Client portals like Keychain aren't just about document sharing or reminders; they offer a menu of partnerships across a range of services. Mortgage and protection advisors can effortlessly introduce their clients to these offerings.
About Keychain
Keychain is an all-encompassing client portal tailored for mortgage and protection advisers. It enhances client and adviser interactions by offering digital fact-finding, secure document sharing, e-signatures, and automated reminders. Book a demo of the platform here.
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