The internet, smart phones, and social media have changed the way consumers shop and how businesses market to them. And additional changes are inevitable as technology races ahead. Yet, despite these technological advancements, the majority of consumers still want a trusted human advisor to arrange their mortgage.
A report (“Trust In Technology”) recently published by HSBC found that consumers are apprehensive about letting chatbots and robo-advisors help them open a savings account or provide mortgage advice. According to the study:
- 83% of consumers who recently purchased a home in the United States searched online for properties, prices, and home values.
- 80% of these home buyers educated themselves and researched financing options online.
- Yet, only 10% of these consumers said they would be happy working with a robo-advisor for their mortgage, and 77% of them expressed their desire to work with a real person.
“No one buys anything unless they trust it,” HSBC wrote in its report. “Advertisers spend a fortune building trust, and designers work hard to foster it. Without trust, a technology can be ingenious and cheap, but will remain on the shelf untouched.”
So while homebuyers are likely to research their housing and mortgage options online, they still wish to work with a trusted Mortgage Advisor. And no rocket or fancy phone app will change that!
At Mortgage Wealth Advisors, we don’t utilize chatbots or robo-advisors. Instead we have live flesh-and-blood people answering our phones and interacting with clients! The advice you receive won’t be generic, or from an algorithm. You’ll receive tailored advice, unique to your situation, from a highly trained and experienced Certified Mortgage Planning Specialist®. You’ll enjoy a concierge experience; your mortgage will complement your financial plan and help you build wealth over time. And most importantly, your loan will CLOSE.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.