Lenders' Top Frustration: Process Inefficiency

In the ever-evolving property market, lenders are now more frustrated by process inefficiency than regulation, according to Landmark Information Group's latest research.

The study reveals that by 2025, nearly half of a lender's day is spent in a game of tag with stakeholders for updates, a significant jump from 32% in 2024. Unsurprisingly, 40% of respondents named long transaction times as their top frustration, overshadowing regulatory burdens which were the main gripe in 2024.

To combat these inefficiencies, lenders are prioritising AI investments, with 48% focusing on automating tasks and streamlining operations. The enthusiasm for AI has skyrocketed, with only 3% now doubting its impact, down from 43% last year. This shift highlights a growing confidence in AI's role in the industry.

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Despite the optimism, challenges remain. Legacy tech, data issues, and security concerns are still hurdles, but the sector is united in its call for better data sharing. An impressive 98% of respondents believe a secure data repository could tackle the inefficiencies plaguing transaction times.

Mike Holden of Landmark Information Group notes the shift in focus from regulation to practical inefficiencies. Lenders are embracing digitisation and AI to boost productivity, with Project 28 aiming to overhaul the entire process for faster, more reliable transactions.

In summary, the property market is on the brink of a tech-driven transformation, with lenders eager to leave inefficiencies behind and embrace a more streamlined future.

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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