This week it’s the turn of MortgageGym’s CEO, John Ingram.
John, previously founded Burlington Group a multi-award winning national business and respected pioneer in the financial services collections sector. Upon selling the business to Marston John co-founded MortgageGym with a vision to radically redefine the consumer experience of the mortgage application process by fusing new technology with regulatory change and embracing compliance. You can find out more about his company and our headline sponsor here MortgageGym. Here are John’s questions.
Q) What is the story of your career so far?
Prior to MortgageGym, I founded Burlington Group, an award-winning debt enforcement company. Unlike others in the sector we were regulated by multiple bodies and we applied data intelligence tools to identify the right method to yield results on a debt portfolio. Burlington Group was successfully acquired by Marston Holdings and continues to be a leading brand in FCA-regulated debt-enforcement.
Q) What was it that attracted you to the mortgage market?
The UK’s mortgage market is one of the last bastions of financial services still operating via paper files and telephone-based advice. Unlike the savings and investment sectors, it has yet to begin digitising in a way that is compliant. This presented an opportunity to work with regulators to develop a holistic digital solution that makes consumers’ and brokers’ lives easier.
Q) What are your observations on the intermediary market’s reaction to the growth of robo-advice?
The industry has responded very positively, validating our belief that the hybrid-advice model truly is a win-win for consumers and intermediaries. We have designed MortgageGym to remove the hassle from the application process. Our digital community of brokers will be supported by receiving lender-validated applicants ready to apply.
Q) How do you think the provision of robo-advice will evolve?
I see these remarkable technological advances complementing the work of talented IFAs and brokers, not supplementing their role. In our market research, we found that roughly 57% of applicants (including those tech-savvy millennials looking to buy their first home) wanted to speak to a live-broker during their application. MortgageGym is designed to reduce friction points and provide consumers with peace of mind during the mortgage application process. Our instant robo-advice provides one element of that, as does our seamless integration with live-brokers at the backend.
Q) What do you think will be the next big innovation in the mortgage market, and why?
I genuinely believe MortgageGym is driving the next big innovation. We are transforming the distribution of mortgages in the UK by creating a technology-led proposition with the consumer at the heart of everything we do.
Q) Which sessions are you most looking forward to at the conference?
I’m most looking forward to the sessions on alternative data and digital tools. The progress being made daily in areas of machine learning and artificial intelligence are poised to challenge the ways that intermediaries work, process applications, and match consumers to the best possible products available for their financial needs.
Thanks John, and make sure you get the chance to catch John's talk in the afternoon on "How to evolve the market" at the Mortgage Conference.