Let’s start by clarifying the purpose of a CRM system. Essentially, its main function is to maintain customer and transaction records, and help businesses effectively manage their pipeline. By analysing business performance data, companies can improve their operations and grow.
Some argue that similar outcomes can be achieved through Excel spreadsheets and many brokers still rely on Excel to track their business.
So how common is the use of CRM systems among mortgage brokers in the UK and what advantages do they bring? Let’s have a look at these points and explore why brokers should consider switching to a mortgage broker CRM system such as ClientTree rather than sticking to good old Excel spreadsheets.
The role of mortgage brokers in the UK
Mortgage brokers connect borrowers and lenders. Their role involves guiding clients through the complexities of mortgages to secure a deal based on each client’s financial circumstances and goals.
Throughout this process, mortgage brokers use tools such as sourcing systems, calculators, criteria search tools and ideally, a reliable CRM system to identify the best mortgage deal and manage a transaction through to completion.
Why is it important for mortgage brokers to use a CRM system?
CRM systems play a role in managing interactions with both potential and existing clients and offer various advantages:
- Managing Clients – These systems store data enabling brokers to track client information, handle transactions and store paperwork.
- Enhancing Efficiency – By incorporating automated workflows and task management tools, CRM systems help reduce admin time, speed up research and make business processes more efficient in general.
- Ensuring Compliance – mortgage broker CRM systems assist brokers in adhering to regulations by providing features for document management, communication and compliance checks.
- Boosting Sales and Marketing – In addition to managing leads, CRM systems offer functionalities like marketing automation, generating business reports and supporting growth.
Adoption of CRM Systems Among Mortgage Brokers
While obtaining data on the adoption of CRM systems among UK mortgage brokers can be challenging, insights from industry surveys shed some light on the situation. A survey conducted by Mortgage Solutions in 2022 revealed that 60% of UK mortgage brokers utilise a CRM system to manage client relationships and their business operations. This suggests a majority uptake in CRM systems, but it also shows that a significant portion of brokers have yet to embrace technology.
ClientTree CRM: A Case Study
An example of a custom-built UK mortgage broker CRM system is the ClientTree CRM software. ClientTree is specifically built to cater to the requirements of UK mortgage brokers providing a variety of functionalities to enhance efficiency, regulatory compliance and client relationship management.
Some of its features include:
- Integration with Sourcing Platforms – This feature enables brokers to access a wide range of products and services through the CRM platform eliminating the need for data re-keying and saving valuable time.
- Automated Workflows – ClientTree automates tasks such as sending reminders, generating reports or updating transaction details/statuses. This automation enhances efficiency and minimises the likelihood of errors.
- Compliance Management: The system includes date and time stamping for notes and documents, e-signatures and other features to ensure that brokers can easily demonstrate compliance.
- Customisation and Flexibility: ClientTree offers great flexibility in the way it’s used, which allows brokers to use the CRM based on their preferred way of doing processes.
Future trends in UK mortgage broker CRM system adoption
There is a shift towards cloud-based CRM solutions, as brokers need to access the system remotely and on various devices. Additionally, the client portal is often accessed by clients on their mobile phone.
Making a CRM system more readily available and cost-effective, particularly for small to medium-sized brokerages, is helping brokers move from Excel sheets and legacy systems to a modern CRM system.
Conclusion
While there is still a way to go for the mortgage broker industry in terms of adopting a modern, cloud-based CRM software, these systems have evolved especially during the last few years to incorporate a lot of 3rd party systems and features to improve efficiency for brokers.
The ClientTree CRM system showcases the advantages of using a specialised CRM tailored for the UK mortgage industry to streamline workflows, ensure compliance and improve client relationships.
Investing in the right CRM technology can make all the difference in achieving long-term success and those hanging onto Excel sheets will see an increasing gap in efficiency.