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Mortgages are useful for retail banks, but they’re also complex commodities. In the UK alone, mortgages account for virtually 60% of retail banks’ revenues. But mortgage lending can be a complicated process — it involves estate agents, appraisers, and conveyance workers.

This complexity has resulted in major customer agony points, like a lack of understanding of mortgages, embarrassing access directs, and difficulty switching providers. In an increasingly digital terrain, tech-savvy consumers are starting to expect simpler ways to take out mortgages, and legacy providers are declining. In the US, the three best incumbent lenders together captivated about 45% of the overall mortgage market in 2011; they accommodate time 24% in 2017. See the rest of the storey at Business Insider

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