Thought Leadership |

De-risking Your Mortgage Transformation

Region

Copied to clipboard!

key points

With the current mortgage landscape, the need to digitally transform your financial institution is only growing.
Digital transformation comes with challenges, but today’s technology is more than capable of transforming the entire business to combat these challenges.
As you embark on your transformation journey, remember that the technology is important, but establishing processes and ownership is also vital.

The COVID-19 pandemic highlighted previously unaddressed issues in the mortgage landscape and put pressure on lenders to quickly update their systems to meet the challenge.

More recently, in response to interest rate uncertainty we’ve seen record amounts of mortgage products being removed from the market in the UK, more than during the pandemic. Digital transformation is no longer a ‘nice to have’, but a necessity to better respond to changes in demand and adapt to an evolving market. With many lenders now looking to, or having already started to, digitally transform their lending operations, it’s time to discuss the ways in which they can de-risk the re-platforming process.

“The current climate proves once again why lenders need to ensure they have built in agility across core technology stacks to facilitate rapid responses to market changes,” said Will Stevns, Partner, Customer Led Transformation in Banking, PwC.

“Above all, the need to provide flawless and engaging customer experiences is still very much #1 on lenders’ to-do list.”

As your financial institution embarks on a digital transformation journey, it’s critical to understand and address the challenges at hand.

3 Challenges Lenders Are Facing Today:

How to transition from a legacy technology estate
How to ensure that BAU is maintained during the transition process
How to take their people with them on this journey

Now for the good news—today’s technology is capable of transforming the entire business to combat these challenges, preparing lenders for obstacles they may face in the future, as the market undoubtably continues to evolve.

However, financial institutions shouldn’t focus solely on automating their current processes, but on transforming their entire business. They can leverage this as an opportunity to transform their policies and processes as well, versus simply rebuilding their platforms and automating existing inefficiencies.

“The transformation programs that have done really well and have really resonated is when that program has a really clear vision for the future that represents both business and technology sides of the house,” said Thomas Chaplin, Head of UK Mortgage Product, nCino. “They’re able to state where they want to get to and how technology plays a role in getting there in the journey.”

What to remember when re-platforming

When re-platforming, it’s important to first establish strong governance programs to enable transparent and prompt decision making. Establishing key decision makers with authority on technology and across the business is also key.

“Implementation is one of the most important pieces of the change agenda .... Ultimately, a project isn’t going to meet its success metrics unless there are advocates of change...” said Thomas Chaplin, Head of UK Mortgage Product, nCino.

New platforms tend to be a once in a generation program, so highly active ownership from current and future leaders will be extremely valuable in the platform’s long-term success. Today’s cloud native systems provide a flexible, configurable solution with speedy delivery, and they’re more successful when your governance and decision making can move just as quickly.

To learn more about how you can make the most of your digital transformation, download the on-demand webinar now.

Thought Leadership

10 Questions to Ask When Choosing a Home Lending Platform

Home lenders of all sizes across Australia and New Zealand are facing significant headwinds from many directions. But times of great disruption and complexity can unearth new opportunities for challengers to take the lead. The big question is: how can they achieve this?

Challenges and Opportunities Recent findings suggest that building software platforms in-house has fallen short in meeting digital transformation objectives for a significant 70% of financial institutions. To bridge this gap, a shift towards the adoption of Software-as-a-Service (SaaS) platforms is necessary. These resources make enterprise-level technology accessible to financial institutions of all sizes, leveling the playing field.

However, a successful transition to SaaS platforms demands more than just adoption. It requires a culture of partnership and collaboration, underpinned by speed and agility in decision-making and execution. Choosing the right home lending platform involves a careful evaluation of the vendor's finance domain expertise and technical implementations, ensuring that the chosen platform has the potential to transform operations.

Thought Leadership

Transforming CIB Lending: Navigating Automation and Building Stronger Relationships with nCino

Recently, nCino brought together several of our European Corporate and Investment Banking (CIB) clients to discuss industry trends. During the session, we highlighted how our solution supports CIB lenders in delivering personalised experiences from acquisition through to balance sheet and fostering stronger client relationships.

Navigating Economic Volatility with Legacy TechnologyThe current economic environment, driven by interest rate and other inflationary pressures, is impacting profitability and risk management in CIB lending unlike anything we’ve seen in the last decade. Alongside economic pressures, compliance with evolving regulations remains a top concern and shows no signs of slowing down. Policy changes increasingly need to be enacted in real time – something legacy technology is not equipped to do.

These systems, characterised by disparate data and manual processes, are hindering banks' ability to adapt quickly to a changing market, capture and report on data, and gain actionable insights from their portfolio.

Thought Leadership

Beyond ChatGPT: Leveraging the Power of AI

Amazement. Excitement. Controversy. Fear.By now, you’ve probably heard of ChatGPT, the revolutionary artificial intelligence (AI) technology that has stunned the world in 2023. Perhaps you’ve even tried out the free version of this powerful tool to draft an email to your boss or write a poem about your pet.

As exciting as generative AI applications like ChatGPT are, they’ve also triggered fear and uncertainty across many spheres, from education, where many school districts have banned students from using AI to write their term papers, to the financial services industry, where major banks like JPMorgan Chase, Bank of America and Wells Fargo have prohibited their employees from using AI for corporate communications, citing compliance concerns. Meanwhile, other financial institutions, such as Goldman Sachs, are experimenting with generative AI tools internally to help write and test code, which has some developers worried about their roles.

While conversational AI tools like ChatGPT, Jasper and Google Bard have suddenly captured the public’s imagination, the underlying technology is not new. And it’s certainly not the only—or best—use case for generative AI in banking.

Thought Leadership

Johnson Financial Group Selects nCino to Modernize Multiple Lines of Business

Midwest community bank moves to single platform to help ensure customer experience is at the forefront of every interaction.

Thought Leadership

Our Predictions: 7 Banking Trends for 2023

With the anticipation of a global downturn, a number of banking and technology trends are emerging worldwide. As a result, financial institutions will have to innovate faster than ever to avoid falling behind competitors and ensure they’re positioned to take full advantage of new opportunities today and throughout 2023.
At nCino, we partner with more than 1,850 financial institutions around the globe, providing our leaders with an intimate understanding of the challenges and opportunities facing the financial services industry. Based on that expertise, here are 7 of their predictions for the year ahead.

De-risking Your Mortgage Transformation

Other Topics

Region

The COVID-19 pandemic highlighted previously unaddressed issues in the mortgage landscape and put pressure on lenders to quickly update their systems to meet the challenge.

“Above all, the need to provide flawless and engaging customer experiences is still very much #1 on lenders’ to-do list.”

What to remember when re-platforming

Related Articles