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Brokers urged not to fight Google

Mortgage brokers are being urged to work with Google following the launch of its new mortgage comparison service.

Google this week launched a UK mortgage comparison service in partnership with Avelo Trigold. Where products are available only through a broker, users are passed to one of 10 brokers Google has selected, who pay Google for each lead. The brokers areTurnkey Mortgages, Your Mortgage Decisions, Think Loans Mortgages, Which? Mortgage Advisers, Charwin Private Clients, First Union Mortgages, If I Were You, Mortgage Pro, A Mortgage Now and Sensible Home Finance.

Finance & Technology Research Centre director Ian McKenna says brokers should be prepared to accept that the tech giant will be a powerful force.

He says: “If an adviser cannot think of how to adapt to add the level of value in a world where Google exists, their future is bleak.

“Start with the assumption that consumers will have looked at Google or a similar source and bring that into the discussion. Work out where you are going to add value over and above what they can get online.

“Trying to swim against the tsunami that is Google and it will just engulf you.”

Peter Stewart Associates director Michael Brown says the service may lead brokers to find new ways to compete.

He says: “Brokers will not be able to compete with an ever increasing demand for people to satisfy their own questions online and they might have to become more specialist.”


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Oh dear! Several years ago, having been involved in the conception of ifonline (which then adopted the Trigold engine used by Google), I championed the use of open data standards and a transactional hub called The Mortgage Portal. The objective was to create an online industry utility, connecting all brokers with the lenders and avoid this sort of thing happening. No one was interested because they were busy chasing their short term interests. Now I get no pleasure in saying I told you so. What happens next is called the ‘network effect’. Big networks and clubs – I am waiting for your call.

  2. Brokers not part of the selected very few can still vote with their feet and stop using Trigold. There are other good sourcing software out there.

  3. @Anonymous I think you’re missing the point. Services such as Google will not stop but mortgages will be much harder to commodatize than insurance. The MMR is to introduce restrictions on Execution-only mortgages which gives advisers a real leg-up against the banks. As Mr McKenna says, we need to see this as an opportunity and show how we can add value to the process, not try to pretend it is not happening. This is the same problem we have been facing since the internet came along and consumers got more access to product information and could make basic product comparisons yet despite that and the credit crunch many of us are still out here fighting and will continue to do so.

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