Would you apply for a mortgage on your mobile phone?

Mobile technology has come on leaps and bounds in the last few years. You can shop on your phone, access video chat and manage your business. But, would you like to apply for a large mortgage or be kept up to date with the progress of your home loan application by phone?rnNew research has found that one third of mortgage advisers believe that mobile solutions in financial services are set to be the future of the industry. They also think that mobile apps will continue to grow hugely in the coming months as smartphone and tablet computers increasingly facilitate product delivery.rnHowever, not all large mortgage brokers believe that there is an appetite for mortgage based mobile apps. Keep reading to find out more.rnOver half of mortgage brokers have no plans to introduce mobile appsrnWhile a third of mortgage advisors believe that mobile technology may be the future of financial services, a large number of brokers take the opposite view; namely that mobile apps have limited usage.rnResearch from Avelo found that 28 per cent of intermediaries felt that although mobile apps will become an established method of sharing information, it will be limited to just that.rnWhen asked in which area mobile solutions most supported the adviser, just under half (44 per cent) of the Avelo Exchange Portal advisers surveyed, responded that ability to access client information on the go was most of benefit.rn34 per cent of advisors believe that mobile services allowed for greater efficiencies and one fifth (21 per cent) of those surveyed stated that it encouraged greater engagement across their client base.rnPaul Yates, strategy and product development director at Avelo, said: “Our research highlights that many advisers are at a crossroads when it comes to mobile technology. Mobile products will not be suitable for all customers but as a business, many advisers see ‘on the go’ applications as giving them the edge by offering tools to share information with customers, in real time.
"The question for many has to be whether they can continue to offer high quality advice to their customers via mobile solutions, and whether the business benefit justifies the investment needed to get things off the ground.”rnMobile solutions will continue to rise in popularity as tablet and smartphone adoption increases but will not replace the need for face time with an adviser. Access to tailored advice will always be crucial to make investment and retirement planning decisions and it remains to be seen how much of this can be done at the touch of a button.rnMobile technology is useful, but many do not believe that it is essential for the mortgage industry. It is difficult to envisage a situation where high net worth mortgage clients will want to apply for a mortgage using their mobile. And, professional mortgage advisers will already provide high value mortgage clients with regular updates on the progress of their application, so they wouldn’t need to access real time information on their smartphone.