The building society sector continues to demonstrate remarkable resilience and momentum, accounting for 72% of mortgage market growth between April and September 2024.
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.
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.
Learn 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.
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