Mortgage lenders’ right to exist balances on online mortgage possibilities

Just 2% of all Dutch mortgage lenders collaborate fully online with their customers

If we are to believe the Dutch consumer, the picture looks pretty grim for mortgage lenders who do not offer the possibility to take out a mortgage fully online: according to 28% of consumers surveyed, these mortgage lenders will cease to exist within 5 years. Mortgage professionals also understand the importance of providing their services online: no less than 46% expect that complete online collaboration with the customer will be possible at their business within 5 years. These were some of the findings of a survey arranged by Hyarchis, specialist in content and online collaboration solutions, among more than 1100 consumers and over 500 professionals from the banking, insurance, pension and mortgage sectors. The findings have been collected in the report “Missie online samenwerken” [Mission: Online Collaboration].

Two percent already 100% online

The findings revealed that just 2% of mortgage professionals are working with their customers fully online right now; another 11% expect to be doing so within a year. This leaves a sizeable group who need more time to implement this: 19% say that this is feasible for them within 5 to 10 years; another 22% of the professionals say that they will never be able to collaborate with the customer completely online.

Serge Leclercq, Sales Director at Hyarchis: “The mortgage market is accelerating at an incredible pace. Thanks in part to low mortgage rates, more homes than ever are being bought right now. In other words, mortgage lenders have plenty to do. Collaborating fully online is the way to release a lot of this pressure, by limiting many of the face-to-face contact moments for example. Once the current iPad generation starts taking out mortgages, taking them out fully online will be the only way to go. The consumer has high expectations and is making increasingly higher demands. The ‘mortgage establishment’ will have to adapt quickly if it wants to survive.”