The latest Mortgage Efficiency Survey from Iress suggests many lenders are postponing the investment in the digital services that their consumers and intermediaries now come to expect. Meanwhile, the survey also identifies the growing importance of human interactions in the mortgage process, and the human and digital combination could be pivotal to powering the consumer mortgage journey, says Iress. With this in mind, lenders are increasingly favouring the hybrid approach – blending human expertise and technology services to achieve a competitive advantage. Steven Carruthers, principal mortgage consultant at Iress, said: “Our 2019 Mortgage Efficiency Survey finds that blending human expertise with the use of technology like APIs drives efficiency and is central to lenders’ efforts to speed up execution and improve service for intermediaries and consumers. We’re continuing to see mortgage hub connectivity, open banking and APIs shift the market away from stand-alone systems to a more connected mortgage ecosystem.” He added: “Better integration – with intermediary software, sourcing services and other third-parties – are still a priority for lenders looking to invest strategically to improve efficiency, reduce risk and provide better customer outcomes . . . Those who ignore or fail to harness new and improved technologies in the mortgage market risk being left behind.”
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Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
August 30, 2019
September 27, 2019