Brokers split on fintech competition

More than half of mortgage brokers are not concerned about increased competition from online broking platforms, according to a recent survey.

Despite this, almost a third of respondents said they were looking to improve the digital capabilities of their businesses.

The survey was completed by MyState Bank’s national broker network. More than 47% of brokers responded saying that in the face of increased competition from online broking platforms, they would remain focused on their existing business models, which they considered to be competitive.

A further 13% said they believed the threat of greater competition from online platforms was not significant to them.

However, not all of the broking community agreed about the impact of the current competitive environment. More than 22% of brokers surveyed said they were adopting new technology and software to remain competitive with another 5% seeking to partner with fintech companies to improve their client offerings.

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Source: Brokers split on fintech competition – AustralianBroker