The firm, which works with banks to provide accurate house prices to lenders and advisers, is looking at "hybrid solutions" that will combine data insights with work from human valuers.
“The need for additional ‘hybrid’ products is increasingly evident, where the expertise of a registered valuer is combined with the use of data and technology," said James Wilson, head of customer experience at Valocity.
"Hybrid products could work in some locations, providing a more time and cost-efficient product for the end customer," he said.
Wilson said the firm was in discussions with banks about a hybrid valuation product that would place less strain on human valuers, as they struggle amid record market demand.
"Current market conditions have resulted in record levels of market activity, meaning significantly increased levels of valuations [are] required," he said.
"This naturally places capacity pressures on the valuation industry – and many other parts of the mortgage lending process – as they are now required to operate under sustained levels of high activity."
First home buyers with less than a 20% deposit currently require a registered valuation to obtain a home loan from the major banks. But advisers say clients are struggling to receive them on time.
Instant automated valuations are available for many properties, but some homes, such as new builds and those in areas with less available data, require more in-depth analysis.
Wilson told advisers to "watch this space", and said Valocity and the banks were "committed to driving change" and improving current turnaround times.
As turnaround times remain under pressure, Wilson advised brokers to keep in contact with Valocity and provide detailed information during the valuation process.
"Don't just order a valuation, and leave it. Keep track of it, log in, check for updates, and include as much information as possible. If you need to get in touch with us, use the digital comments, the platform is designed to pick those messages up," said Wilson.
