Breaking News
Smartr365 Survey reveals almost a fifth of brokers have been held as ‘data prisoners’
Research from Smartr365, the UK’s leading end-to-end mortgage platform, has today revealed that almost a fifth (17.5%) of UK brokers have been held as ‘data prisoners’ (those effectively trapped to CRM systems by complicated methods and/or extortionate fees to retrieve data).
Of those who reported experiences as data prisoners, over a quarter (26%) were charged over £1,000 for the return of their data. One in twenty were charged at least £10,000, with one in fifty charged over £20,000.
Despite this, just under nine in ten respondents (86%) agreed that a mortgage application journey led by tech is safer than its paper-based equivalent. This reaffirms confidence in the mortgage tech sector despite obvious failings around data handling in some instances.
Transparent CRM systems, such as Smartr365’s, provide brokers with a fair and honest breakdown of rights and access to their data from the outset. Smartr365 believes that a lack of data transparency is hindering the growth of the mortgage industry.
Thora Kehoe, Chief Product Officer at Smartr365 commented:
“Wrongful data handling is not only holding brokers to outdated and ill-fitting tech platforms, but also limiting the growth of the mortgage industry. This is a scandalous practice that deserves much more attention.
“We call on all tech platforms to be transparent – in terms of their pricing, offering, and data handling. That almost a fifth of brokers have been unfairly penalised indicates that the problem is widespread, so it’s vital we don’t let this become a chronic issue which stymies the progress of our industry. Let’s stamp out these murky tactics to build a clearer and brighter future for all.”
People In This Post
Companies In This Post
- TSAM London: Finastra Talks Operational Efficiency and Achieving Seamless Connectivity Read more
- A Decade (Plus!) of Innovation: IFGS 2026 Proves the UK is Still the Beating Heart of Global Fintech Read more
- Ethos Collaborates with Liberty Mutual to Deliver a Modern, Digital-First Life Insurance Experience Read more
- Simply Business Launches Insurance App for Small Businesses in ChatGPT in the U.S. Read more
- Germany’s Akbank AG Successfully Completes First Phase of Core Banking Migration to Mambu in Partnership With Innovance Read more
Germany’s Akbank AG Successfully Completes First Phase of Core Banking Migration to Mambu in Partnership With Innovance
Akbank AG has successfully completed Phase 1 of its core banking transformation, to the leading SaaS cloud banking platform Mambu
FCA Spearheads Global Action to Stop Illegal Finfluencers
The FCA has led international action to stop illegal finfluencers putting consumers' money at risk
Findity Launches its Embedded Expense Platform in the U.S.
Findity, the leading provider of embedded expense management, today announced its official entry into the U.S. market. This milestone marks a significant step in Findity’s global growth strategy, bringing its AI-powered, card-agnostic expense platform to U.S. businesses – enabling them to offer seamless expense management directly within their own products.
Lovey Integrates Funding Circle’s API to Increase Customer Efficiency
Lovey (formerly Love Finance), one of the UK’s fastest-growing SME lender and broker, has today announced its integration with Funding Circle, the UK’s leading SME finance platform, to create significantly faster application journeys for customers. Funding Circle’s API will be integrated directly into Lovey’s platform to create a more seamless experience and reduce friction through direct API connectivity.
DBS Enhances Spark GenAI Programme to Fast Track SME AI Adoption in Support of Singapore’s AI Ambitions
DBS, EnterpriseSG, and the IMDA, announced an enhanced version of its Spark GenAI programme[1] to help SMEs fast track their AI transformation journeys
Monument Technology Partners With Castle Trust Bank on Platform Deal
Monument Technology has announced a partnership with Castle Trust Bank deploy its BPaaS, marking its second major client and first UK-regulated bank client
Ohpen transforms Dudley Building Society Intermediary Experience
Ohpen’s mortgage origination and intermediary portal is now live with Dudley Building Society, marking a significant step forward in the Society’s digital transformation programme.
TSAM London: Finastra Talks Operational Efficiency and Achieving Seamless Connectivity
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
A Decade (Plus!) of Innovation: IFGS 2026 Proves the UK is Still the Beating Heart of Global Fintech
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Ethos Collaborates with Liberty Mutual to Deliver a Modern, Digital-First Life Insurance Experience
Ethos and Liberty Mutual Insurance, announced they are working together to expand the reach of Liberty Mutual's direct-to-consumer life insurance offering
Simply Business Launches Insurance App for Small Businesses in ChatGPT in the U.S.
Simply Business, a digital insurance marketplace for small businesses, announced the launch of its business insurance app in ChatGPT in the U.S
Germany’s Akbank AG Successfully Completes First Phase of Core Banking Migration to Mambu in Partnership With Innovance
Akbank AG has successfully completed Phase 1 of its core banking transformation, to the leading SaaS cloud banking platform Mambu
Hippo Appoints its EVP & Chief Strategy Officer Stewart Ellis to Its Board of Directors
Hippo announced the appointment of its current EVP and Chief Strategy Officer and former Chief Financial Officer, Stewart Ellis, to the Company's Board of Directors
FCA Spearheads Global Action to Stop Illegal Finfluencers
The FCA has led international action to stop illegal finfluencers putting consumers' money at risk