Consolidation of multiple systems to nCino’s cloud banking platform will provide advanced agility so UK specialist mortgage lender can continue to stay ahead of changing customer and market expectations.
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Hedron has signed a three-year contract to help brokers achieve data-driven growth.
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It is possible to implement technology in your bank while maintaining the human touch. Commercial bankers know their business is different to retail.
Read MoreThe SmartBroker API integration will provide next generation data enrichment to Acturis users proven to drive growth, improve decisioning, and enhance compliance.
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The introduction of Apple’s transformative product in 2007 was a moment that changed the future. Like the now iconic iPhone, the launch of generative AI tools like ChatGPT and Google Bard have captured the public’s imagination, launching an explosion of applications and experiments across nearly every industry, from business and commerce, to art and government.For many of these use cases, the “how” behind the AI model isn’t particularly relevant. If you ask ChatGPT to compose a wedding invitation in the form of a Shakespearean sonnet, you don’t necessarily need to understand how AI can instantly conjure the right rhyme scheme.A wedding invitation is one thing; a financial institution’s credit lending decision is quite another. When it comes to such high stakes decisions, understanding the inner workings of the model is vitally important—even required. For those use cases, explainable AI is the solution.
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nCino is proud to announce the release of our first Environmental, Social and Governance (ESG) report. This report delves into our journey towards a more sustainable business, affirming our commitment to responsible practices that align with our mission of transforming the financial services industry through innovation, reputation, and speed.
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Applying for a mortgage can be a daunting experience. From collecting and organizing paperwork to completing lengthy application forms, the process can be time-consuming, stressful, and prone to errors. With the help of the right digital mortgage experience and a point-of-sale (POS) solution, however, the mortgage application process can be streamlined and simplified for the customer or member, real estate professional, loan officer, title and settlement partner.Keep reading to learn five reasons innovative financial institutions are choosing a digital mortgage solution with a built-in point-of-sale solution to modernize the home lending experience:Power lending experiences with a user-friendly interface.One of the biggest advantages of a digital mortgage experience combined with a point-of-sale solution is the user-friendly interface. With one login, each stage of the mortgage transaction is streamlined across all stages of the journey. The right solution simplifies application processes and provides customers with a simple, easy-to-navigate workflow that guides them through the application process step-by-step. It also empowers real estate agents and lenders to provide pre-approval letters at their office, or more conveniently through a mobile device. This ensures customers provide all the necessary information and reach key milestones, and it makes the application process less intimidating and more accessible. The right solution must also make the experience just as simple and seamless for customers that prefer to work directly with their loan officer. With a native mobile experience, customers can apply for a mortgage, receive approval, and close on their home, all from the convenience of a mobile device.
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Regulation is a constant in the banking industry, with new requirements regularly being introduced. The challenge lies in interpreting and actioning these regulations, and with the UK Consumer Duty regulation approaching, it's clear that financial institutions in the UK need to be proactive.What is Consumer Duty?The FCA’s proposed Consumer Duty regulation requires firms to prioritise their customers’ interests by focusing on delivering “good outcomes”.According to the regulation, “good outcomes” are based on three core principles: acting in good faith, supporting financial objectives and avoiding foreseeable harm. In other words, lenders must act in their customers’ best interests by providing tailored products and services, communicating transparently and avoiding any potential harm.- Starting on July 31, 2023, every lender will be required to define and monitor what constitutes good outcomes for their customers.- From September 2023, the FCA will be reaching out to a select number of firms to investigate what has changed (or not) in the gap analysis.- Beginning in January 2024, lenders will be asked for dashboard samples with supporting data demonstrating avoidance of harm.The regulation will continue to evolve throughout these phases. Based on the findings, the FCA could recommend further changes to improve compliance with the Duty through 2025.
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