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.
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.
Collaborative partnerships should not merely focus on installing software but should aim to usher in sustainable change and transfer essential skills to the in-house team.
Download our free guide now to learn more.
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.
To Build or To Buy?
Deciding whether to build in-house or buy a platform depends largely on the unique needs, resources, and control requirements of an institution. Collaborative partnerships should not merely focus on installing software but should aim to usher in sustainable change and transfer essential skills to the in-house team.
In the quest to refine the lending process, a meaningful customer experience is imperative, and simplifying and streamlining the home lending can significantly enhance customer satisfaction. At the same time, creating a rewarding experience for brokers, who play a critical role in this ecosystem, is also essential.
These are just some of the many benefits of selecting the right platform. Other benefits include transparent reports, faster approval processes, cost efficiencies, improved customer and broker retention, and more.
In our latest guide, we arm lenders with 10 strategic questions to ask vendors that will help fast-track your home lending transformation, avoid common pitfalls and ensure you invest in a platform and partnership that aligns with your needs today, and into the future. Download our free guide now to learn more.