In life or business there is absolutely no escaping the transformational power of new technology. Whether it's in how we communicate, consume information or entertainment, or how we work, new tech has helped increase capabilities, drive efficiencies and ultimately deliver a far better user experience.

While the mortgage market is certainly no stranger to innovation, there's still room for improvement and an opportunity to evolve the user experience. There are countless examples of where innovators have challenged convention and opted for disruption, helping to change the landscape and deliver an experience that is better aligned to the needs of all users.

Disrupting the market

A great example of this is online music platform Napster. It was launched in 1999 by two American students as a peer-to-peer file sharing service. Allowing users to share and download music across the internet. Previously, downloading songs from the early internet had been hugely challenging. But through its very simple interface, users were now able to access music, whether new releases, exclusive records or songs from up-and-coming artists from across the world. 

Napster was a disrupter in the truest sense of the world, fundamentally changing the way people consume music and how an entire industry operates - albeit with clear legal and ethical ramifications. Inevitably, copyright claims and legal challenges followed and Napster was forced to shut down. However, the cat was already out of the bag. Napster offered users a better experience, and was a clear forerunner to the streaming platforms that dominate music today such as Spotify.

In fact, Daniel Eck co-founder and CEO of Spotify was directly influenced by Napster. Speaking with New York in 2014, Eck said: "It came back to me constantly, that Napster was such an amazing consumer experience, and I wanted to see if it could be a viable business."

Safe to say he was right with Spotify now boasting a market cap of more than $75 billion.

Changing the game

There are similar stories in countless other industries where technology has advanced the user experience and changed the game. I would argue, though, that in this market - particularly when it comes to applying for a mortgage, we are still waiting to see that Napster-style moment.

Think about it. The process of applying for a mortgage remains relatively unchanged - it is still transactional, often disjointed and can be hugely ambiguous. Plus, it can often be geared towards one element of the market without considering the frustrations, challenges and the overall experience of all the parties involved.

Much like Napster, we must step away from existing processes or legacy systems and start fresh with our full focus on the user experience. While the broker experience has long been a priority - and rightly so - we must also broaden our horizons and think about the experiences of all those that play a critical role in the mortgage process, such as underwriters, case managers, surveyors and solicitors.

We must also consider customers without being too one-dimensional.  After all, a customer could be a first-time buyer, they could be remortgaging in later life or a buy-to-let (BTL) landlord. All may desire the same personal and painless home buying experience, but their needs and requirements will all be slightly different.

Understanding users

There are positive signs of progress with the use of behavioural science emerging in the mortgage market. This is an important component in understanding human behaviour - studying how people interact and why they make certain decisions. With this powerful insight, technology providers can then eliminate pitfalls or frustrations in the design and enhance the customer journey from the outset.

By looking at exactly what the user needs and what they want to achieve, the right technology can then be put in place to actually achieve those goals. The opportunity is there for the mortgage industry to have its very own Napster moment, creating a frictionless, user-centric experience that transforms the process of applying for a mortgage for every person and party involved.

This is certainly the ethos of Mortgage Hub, which was designed from scratch with the user experience at its core. Whether it is deploying behavioural science throughout the build, or through ongoing consultation with all the parties involved, we are able to address the clear frustrations faced throughout the application process and help to reimagine the entire mortgage journey for all.