Product investment – it is not important, it is critical.

Staying ahead of the game in our market relies on listening to our customers, coming up with innovative ideas to accommodate their changing needs and different ways of thinking. Product investment is therefore crucial to our business’s evolution and offering high-end solutions.

Speaking to Introducer Today this month, our CEO Mark Lofthouse gave his thoughts on how we have retained as an industry and thought leader by ensuring that product investment remains at the top of our agenda each year:

“The technology market,” he notes, “is a particularly competitive market and the longevity and survival of many tech companies is down, quite simply, to their approach to product investment and development. Apple is the world’s largest tech company and regularly features in lists of the top ten companies in the world of any description.

“There’s one very good reason for that – it keeps bringing out new products that people want to buy. The first iPhone, the product on which the company was established, was launched ten years ago and since then they have continued to launch a range of new, innovative iPhones and along the way supported by the launch of new ‘connected’ products and devices like the iPad and Apple Watch. If Apple had lost its way and was still trying to sell the original ‘ten-year-old’ iPhone, I can pretty much guarantee that, as a company, it’d be rotten to the core by now! Blackberry and Nokia prove that point!”

While the mortgage technology market may not run on such a global scale like Apple, Mark notes that the principles remain the same:

“Any company in its sector which doesn’t listen to its customers and adapt to a changing market can’t possibly survive in the long run.

“Let me start close to home for a minute. Mortgage Brain recently celebrated its 30th birthday and we’re still as relevant now as we were 30 years ago. This is because we continually listen to our customers, invest in new products and people, and develop new and associated technology products and services to bring to the market. If we didn’t, we wouldn’t be here. Simple as that.”

As the use of technology constantly evolves, you need to ensure you can keep up with it. As Mark points out, having the resources to be able to ensure your vision and ideas become a reality – is crucial.

Mark continues: “It’s why we invest over 40% of our expenditure each year into product research and development. It’s through product development and investment in the mortgage technology market that saw the launch of the mortgage industry’s first ever sourcing system. The ability to complete and submit AIPs and Full Applications digitally and receive a lending decision in under a minute. The launch in 2012 of the industry’s first mobile App that promoted advisers to consumers and brought in new business leads.”

This kind of investment allowed us to bring the industry’s first ever iPad-based sourcing system to the table as well as the development of multi-device, online and offline, fully integrated first and second charge sourcing solutions. It was also through this same investment and development that meant mortgage advisers were able to break into new markets such as conveyancing and second charge mortgage sourcing.

But how did all these developments come about? Mark has an answer for that: “Continuous investment in people, products and services – if done properly – is much more than just bringing new products to the market for the sake of it. Done properly, product development and investment allows companies to help and support advisers through the constant regulatory and market changes.

“Interactive websites with mortgage search and selection capabilities are here and now, together with digital client portals, which enable consumers to complete online Fact Finds, and securely send and receive information and documentation – all of which is way ahead of what the large aggregators have to offer.”

So, what’s next for both the mortgage market and for us as a company?

Mark thinks that anything is possible: “Looking ahead five or more years the biggest changes will be in the way we interact with computers with voice commands taking over from keyboards, and if we go all out Sci-Fi, there’ll be holograms and human-like robots!

“Who knows where it will end? The mortgage tech industry may not work on Apple’s global scale, but it’s still investing millions in R&D to keep advisers ahead of the game in an ever-changing market. Continuous investment, therefore, isn’t important, it’s critical.”

You can read the full piece on our website here.

We’ve been shortlisted!

There are plenty of exciting events going on at Mortgage Brain as we head towards the end of 2017 and the beginning of a new year, and we’ll be hoping to end it on a high and with another trophy in our cabinet.

We will be heading to the UK IT Awards this Wednesday 15th November as a finalist at their 2017 awards, under our nomination for the ‘Best Use of Cloud Based Services’ awards, sponsored by Amazon Web Services.

Our nomination comes due to our partnership with NaviSite, one of our cloud service providers. We have worked with NaviSite since 2014, and have since used its secure NaviCloud IaaS platform to both host and develop our customer product suite.

The annual UK IT Industry Awards are the benchmark for innovation and outstanding performance throughout the UK IT industry, and two areas that we pride ourselves on here at Mortgage Brain.

To us, product investment and enhancement are of paramount importance. As our CEO Mark Lofthouse noted in his most recent article, “The technology market is a particularly competitive one and the longevity and survival of many tech companies is down, quite simply, to their approach to product investment and development.”

We are always working towards constant development and providing regular enhancements to our systems, which is why we are honoured to be nominated for Wednesday’s awards alongside other huge names such as BHS, Vue Cinemas, The Home Office and the National Grid.

We are all thrilled with how much we have achieved together, and Mark echoed our thoughts upon the announcement of our award nomination:

“To receive the recognition for our work from the UK IT Industry Awards – especially when placed alongside the likes of The Home Office, BHS and the National Grid – speaks volumes for our approach, innovation and capabilities to help us deliver a flexible, resilient and secure cloud-based solution for advisers, IFAs and the next generation of house buyer.”

Make sure you’re following us on Twitter @Mortgage_Brain to see how we get on!