With years of experience, he provides insight into the Canadian mortgage market, including the rise of online mortgage brokers and the potential for disruption in the industry. In this interview, Laird discusses his views on the current state of the Canadian mortgage industry, the advantages that online brokerages offer to consumers, and the importance of considering the customer's needs when making decisions about mortgages.
Laird notes that the Canadian mortgage industry has been slow to evolve due to the fact that the “big banks have not had to move with it”. This has allowed them to maintain their dominant position as lenders, despite the introduction of new technologies and products. Despite this, Laird believes that the industry is still ripe for disruption, particularly with the emergence of online mortgage brokers as an alternative to traditional brick-and-mortar brokerages. He explains that online brokers are better equipped to serve the needs of customers, as they can provide greater access to information and comparison tools and are more convenient for clients.
Laird also stresses the importance of putting the customer first in terms of mortgage decision making. He argues that lenders must redefine their relationship with the customer by understanding their wants and needs rather than just looking at credit scores or other metrics. He believes that this approach will help lenders build more trust with their customers, which is essential for long-term success.
Overall, James Laird provides a unique perspective on the Canadian mortgage industry, noting the opportunities available to those who embrace technological advancements and focus on the customer's needs. He believes that online mortgage brokers are capable of disrupting the industry, but to do so they must provide a more convenient and personalized experience for their clients. In addition, Laird encourages lenders to take a more holistic approach to their relationships with customers, as trust is key to building long-term success. With these strategies, Laird suggests that lenders can take advantage of the opportunities offered by the Canadian mortgage market.
This article was contributed on Dec 03, 2023
