Connect with us

Wealth Management

Mortgage digitalization: How mortgage lenders are automating the lending process



By Fernando Zandona, Chief Product and Technology Officer at Mambu


The mortgage market has a long history, but its future is digital. As tech capabilities grow and consumer expectations evolve, mortgage providers are increasingly turning to digital solutions to attract and retain customers and streamline the lending process. According to research from the 2022 Celent Origination Study, over half of banks and 75% of building societies expect to make significant changes to their mortgage origination systems within 24 months. So, how is the mortgage industry transforming and what must lenders do to future-proof their business?

The acceleration of digitalisation in mortgage lending

There are several factors that have accelerated the digitalisation of mortgage lending. One is changes to consumer behaviour: customers have come to expect smooth digital experiences across all areas of their life (accelerated by the pandemic). As such, they seek similar ease, speed and efficiency when it comes to home buying.

Then there’s the arrival of fintechs. Newer fintechs are beginning to enter the mortgage sector – often through acquisitions, such as Starling Bank’s acquisition of Fleet Mortgage or Zoopla acquiring YourKeys. They are also bringing with them innovative digital solutions, which raise the bar for the whole industry. At the same time, regulatory changes are helping accelerate and facilitate digitalisation, such as the Bank of England’s decision to withdraw its affordability test recommendation and cut some of the red tape around mortgage lending, and HM Land Registry’s acceptance of electronic signatures. The combination of these forces have played a significant role in accelerating the lending process and making it more efficient.

Fernando Zandona

Today’s financial institutions are offering a wide range of digital options, through online and mobile platforms, to their mortgage customers. Services include easier ways for customers to access and manage their mortgages, schedule a session with a mortgage advisor, find personalised recommendations, and access improved security measures to protect sensitive customer information.

That’s not to mention the embrace of open banking has enabled seamless integration of customer data into the lending process. This innovation is helping reduce the number of steps needed to collect data and resulting in faster processing times, less rekeying of information and lower origination costs. Offering faster, cheaper loan decisions is a crucial advantage in an increasingly-crowded mortgage market and automated processes reduce teams’ manual work and eliminate costly human errors.

Digitalising in the right way

The success of these new products and processes relies on the way mortgage lenders introduce and configure them. Agility is key – lenders need to prioritise configurability and scalability when building new products and choosing technology partners, as they must be able to quickly launch new features or make adjustments, in line with evolving customer expectations, emerging trends and changing industry regulations. The use of software-as-a-service (SaaS) platforms and application programming interface (API) integrations helps with this, allowing for faster feature launches and less internal friction.

APIs are just part of future-proofing the mortgage market. According to Forbes, 55% of senior executives in the US mortgage industry think that AI will make their firm, and the industry overall, more competitive. AI and machine learning can assist lenders in analysing data more quickly, leading to more efficient decision-making and forecasting, although as with all AI applications, providers must be vigilant about encoded bias that can radically increase discrimination.

The mortgage landscape is transforming through digitalisation, and this is bound to continue. Lenders who want to keep up the pace with this change – and reap the benefits of faster, smoother processes as well as keep satisfied, loyal customers – will be future-proofing their processes through lending automation and putting customer ease at the centre of their offering.


The formula for success: delivering total experience in financial services





Monica Hovsepian, Global Industry Strategist, OpenText


The tumult of the last few years has thrown many challenges at financial services. Geopolitical and social evolutions have met head on with technological upheaval to threaten the previously settled order of the sector.


Luckily, that very same technological upheaval has allowed financial services institutions (FSIs) to innovate. Faced with new competition from fintechs, challenger banks, and big tech, FSIs have transformed the way they deliver products and services to customers over the last decade or so. It would be unthinkable now, for example, for a customer to have to visit a branch with their banking book to pay in or take out money from their accounts.


So much has changed. But change, it seems, is never finished. As younger generations become consumers and employees in their own right, they are bringing their own ideas about how they would like to live, work and engage, and FSIs need to keep evolving to cater for them.


Of course, this has always been the way of things: to some extent, adapting to the changing demands of customers is old hat for FSIs. It’s just that now, the tactics used to do so have evolved. Rather than focusing solely on Customer Experience (CX), FSIs must move to a focus on delivering Total Experience (TX) if they are to rise above the heated competition that continues to drive innovation across the sector. And, by delivering the Total Experience, FSIs also appreciate the benefits of Operational Experience (OX) and efficiencies.


CX + EX + OX= TX: the full formula for FSI success in the digital age


In its simplest terms, TX is the optimisation of both CX and employee experience (EX). To add a bit more colour, it is a recognition of and approach to the idea that only through elevated employee experiences and improved operational efficiency can the best possible customer experience be delivered. Investing more holistically across what matters to the customer delivers stronger returns than focusing on isolated areas.


Or, since this is a formula-driven industry for numbers and formulas, let’s express this idea another way: CX + EX = TX (ROI).


It’s well reported that delivering excellent digital customer experiences is increasingly defining for today’s FSIs. The Financial Brand, for example, reports that banks with customer-centric cultures are 60% more profitable than others. Yet other reports suggest that many customers are dissatisfied with the experience that banks are offering.


So, why is that?


Well, in order to provide the seamless, personalised digital experiences demanded by today’s customer, banks need a 360-degree view of customers, across the entire enterprise, at each stage of their journey. Technology is already in place to enable this, but the discipline of customer lifecycle management is still under-developed in FSIs, resulting in fragmentation of backend systems and disconnects between different employees and business units.


This disconnect then translates into the experiences that FSIs deliver to their consumers, as it leads to frustration for employees as they struggle to locate and manage customer data between siloed systems quickly and easily. It stands to reason that putting CX and EX together is the way forward for banks looking to find the formula for success in the digital age and deliver operational efficiency.


Lifting all boats – how to achieve total experience in FS


As John F. Kennedy once said, ‘the rising tide lifts all boats’. FSIs can adhere to this idea by investing in technology that elevates the experiences of both customers and employees, creating a virtuous cycle of optimisation that will form the foundations for long-term success.


Data can be a friend to FSIs here, rather than a foe. With the sheer amount of it available to businesses in the sector, it can seem daunting to even approach the task of wrangling data into insights and then actioning those insights.


It needn’t be: leveraging the latest innovations in technology can help to integrate key CRM systems to ingest, analyse, manage and distribute the content needed to support all customer-related business processes. Doing so will offer employees a single source of truth to support any customer process or enquiry, thereby improving EX at the same time as optimising the data available to improve CX.


In a world of unpredictable demand and shifting priorities, FSIs that invest in these integrated solutions stand to benefit from real-time, 360-degree view customer information, used to empower employees to provide superior service, deliver optimized customer experiences, enforce governance and risk management and reduce operational costs.


Gartner estimates that, by 2024, organisations providing a total experience will outperform competitors by 25% in satisfaction metrics for both CX and EX. In a game of fine margins like financial services, that’s a level of competitive advantage that you don’t see on offer every day.


Continue Reading


Billner Group Review: Your Reliable Online Trading Platform




Enter the world of currency pairs to drive profit by trading two currencies simultaneously. You need to find different cheapest currencies like USD/JPY Pair, EUR/USD Pair, etc., to get maximum by investing minimum. If you’re a novice currency pair trader, consider Billner Group, the leading online trading platform, to bring down your trading risk and make a profit. The world of Forex is very exciting, and the platform has multiple features to help you thrive in this trading market. So, let’s see how you can master the art of currency pair trading on this platform.

Expert Guidance at Billner Group to Help You Succeed

Currency pair trading involves many unknown risks. Therefore, it’s best to get guidance from the experts. And, Billner Group provides you with exactly that. The platform has many experienced and renowned trading experts to offer you free education and guidance. Their experienced mentors will give you straight-to-the-point videos and webinars to help you start your trading with in-depth knowledge regarding the selection process of the assets available, how much to invest, and when to start and stop trading.

Billner Group offers comprehensive educational resources and expert guidance to fill you with trading knowledge in all the possible ways. You can get help from their experts at every step of your currency pair trading. All these will enable you to start intelligent trading, even if you have had no prior experience. As a result, you can achieve new heights of success on this platform.

Cutting-Edge Technology at Billner Group to Minimize Risks

To make your currency pair trading profitable, Billner Group offers a range of advanced technical analysis tools. The use of these tools, like price charts, indicators, calendars, and more, helps currency pair traders to make informed decisions. You can observe the fluctuations in the currency pair movements with more precision. Their historical price charts and real-time market data will also enable you to identify the potential entry and exit trading points. Using these tools also facilitates the traders to identify the trends and patterns. As a result, they can build their trading strategies and make profits.

Billner Group also ensures instant hedging. Trading on this platform will let you insure and hedge against the adverse fluctuations of the selected asset’s price. They maintain absolute transparency and provide you with all the required tools to be successful in the trading world.

The Bottom Line

If you’re new to the market, proceed by investing in one or two currency pairs. Do your research and learn more about the currency pair trading to find out the best pairs. Billner Group can go a long way to provide you with the needed insight and knowledge. Moreover, their platform is very user-friendly. You need to signup on the platform and open your trading account to start making money. Make full use of their technical analysis tools and experts’ guidance to reduce your chances of loss. So, instead of waiting, invest in currency pair and see how the trading can become a money spinner for you.

Continue Reading



Business14 hours ago

Enhancing cybersecurity in investment firms as new regulations come into force

Christian Scott, COO/CISO at Gotham Security, an Abacus Group Company   The alternative investment industry is a prime target for...

Technology15 hours ago

How to think like an attacker & why it might be critical to your security strategy

Kam Karaji, Global Head of Information Security for Bibby Financial Services, argues at DTX Manchester that the most successful way...

Business16 hours ago

Building a sustainable future – what’s on your agenda for 2023?

The most successful and progressive leaders are embracing ESG or Environmental, Social and Governance principles throughout their businesses, but how...

Banking16 hours ago

Digital Acceleration – the next buzzword in banking tech? Or a new era for the industry?

Ove Kreison, CTO at Tuum McKinsey’s latest report on banking found that traditional banks are spending a whopping 85% of their...

Business16 hours ago

One year until EMIR Refit: how can firms prepare? 

Leo Labeis, CEO at REGnosys, discusses everything that financial institutions need to know about EMIR Refit and how they can...

Business21 hours ago

In the Name of the Family! Firms with CEOs under clan culture influence are much more likely to be internationally focused

In an increasingly globalised world, it is incredibly rare that a firm can expect to grow in the long-term unless...

Finance21 hours ago

Regulations, RegTech and CBDCs – Fintech’s Next Chapter 

Teresa Cameron, Finance Director at Clear Junction    Over the last decade, the UK has embraced the fintech revolution with...

Business1 day ago

Gearing up for growth amid economic pressure: 10 top tips for maintaining control of IT costs

  By Dirk Martin, CEO and Founder of Serviceware   Three years on from the pandemic and economic pressure is...

News2 days ago

Find Your Tribe With Content Marketing

Ian is the CMO at Spotler Group   Seth Godin, a writer, speaker, marketing expert, and influencer, describes audiences as tribes,...

Finance2 days ago

The formula for success: delivering total experience in financial services

  Monica Hovsepian, Global Industry Strategist, OpenText   The tumult of the last few years has thrown many challenges at...

Finance2 days ago

How financial organisations can ensure their data is protected in a SaaS world 

Mark Molyneux, EMEA CTO at Cohesity   The rapid expansion of Software as a Service (SaaS) has changed how we...

Business2 days ago

How freelancers can support the flexible future of the workplace

By Charlotte Gregson, Country Head UK at Malt   The concept of the workplace is changing and not just in...

Banking3 days ago

Banking on legacy – The risks posed by ‘stone age’ banking infrastructure

By Andreas Wuchner, Angel Investor of Venari Security   Introduction If you consider the most significant motivating factors behind cyber-attacks...

Business3 days ago

Beyond the Plastic Era: How Virtual Payments and Digital Wallets are Changing the Way We Pay

Nick Holt, Senior Director Solutions Engineering at Marqeta   In 2017, debit cards overtook cash as the most frequently used...

News3 days ago

Mambu and Mia-FinTech announce collaboration to accelerate introduction of digital finance solutions

Mia-FinTech, the fintech startup that enables banking and financial institutions to evolve towards open finance, and Mambu, a leading cloud...

Finance4 days ago

GDPR – the benchmark for a global privacy framework

by Alasdair Anderson, VP EMEA, Protegrity On the 5th anniversary of GDPR, the regulation continues to be a game-changer, setting the...

Finance4 days ago

Why real-time data remains a top priority for treasurers

Real-time data is vital for treasury teams, and this will continue as currency markets remain volatile and other crises threaten....

Finance4 days ago

Cross border payments: fact or friction?

Tom Scampion, CEO of Global Screening Services (GSS)   10 years ago, the fastest way to transfer money from country...

Business4 days ago

Compliance and customer experience: It’s not a trade-off

Tage Borg, CTO, Scrive Consumers today are used to smooth, instant transactions made in real time and free from the...

News4 days ago

Dubai Traders Summit 2023 concludes with great success

The Forex Traders Summit Dubai 2023 – Third Edition, a two-day event held on May 17-18, 2023, at The Ritz-Carlton,...