Superficial changes often being sold as innovation, warns IMBF chair
New Zealand mortgage advisers could play a central role in shaping future broking technology, with a new International Mortgage Brokers Federation (IMBF) white paper warning that “innovation is often characterised by superficial changes that generate noise rather than delivering value".
Peter White (pictured), IMBF Chair and Finance and Mortgage Advisers Association of New Zealand (FAMNZ) managing director, said too many fintechs and platforms are built in isolation from advisers.
“Superficial changes are often being sold as innovation,” White said. “Instead of delivering value, new features aren’t actually addressing the challenges advisers face.”
He said advisers’ on-the-ground expertise should be part of product design and testing.
“To ensure new technological platforms are fit for purpose, we also want to see innovation councils or working groups at the association level,” White said.
Outdated systems still slowing loan approvals
White said the recommendations are timely, with many advisers still facing delays due to outdated banking systems.
“Our banks are using manual and antiquated systems that should have been updated years ago,” he said. “Ensuring advisers have a seat at the design table will encourage the development of more efficient and user-friendly technologies that deliver for clients, banks and advisers.”
From flashy features to functional innovation
The IMBF white paper argues that genuine innovation must enhance outcomes for clients and advisers, not simply add new tools. It calls for brokers to become “co-architects of innovation”, guiding the fintech agenda toward practical, client-focused solutions.
It also urges the integration of open banking tools directly into advisers’ CRM systems to streamline income verification, expense monitoring, and real-time affordability assessments – reducing errors and speeding up loan approvals.
“Mortgage brokers don’t fear innovation – we fear being left out of it,” the report says. “Let us shape the tools we’re expected to use.”
Five calls to action for meaningful change
The IMBF outlined five key actions to ensure innovation truly serves advisers and clients:
- Redefine innovation around client impact – focus on measurable results.
- Accelerate open banking integration – embed tools into everyday broker workflows.
- Embrace embedded finance – use it to enhance, not replace, advice.
- Co-design with advisers, not just for them – involve brokers in development.
- Measure success by utility – prioritise tools that are widely adopted and genuinely useful.
White said the message is clear: “Innovation must serve the client, not the code.”
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