Many banks and building societies across the UK are steeped in history, and maintain a deep commitment to their members and local communities. These institutions have played a pivotal role in the financial well-being of borrowers for generations, and maintaining that role in the modern era requires them to consistently retain a delicate balance between tradition and innovation.
In today's competitive mortgage market, there is greater emphasis on lenders to adapt quickly to changing customer needs and increasingly dynamic market conditions than ever before. However, it’s fair to say that the past is inevitably catching up with those lenders who have yet to sufficiently adapt and they are finding themselves constrained by outdated, legacy systems which are stifling innovation, responsiveness and strategic growth.
This means that the very systems which have served them so well in the past may now be the biggest barriers to maintaining agility and staying ahead of competitors in a rapidly evolving marketplace. After all, having to navigate antiquated systems not only slows down product development but can also result in increased costs and a greater chance of errors and inefficiencies. Factors which ultimately impact the end experience for their customers and lead to that all important question: How much control do you really have over your lending business?
Thankfully, with the development of new technologies, there's no longer a need for lenders to be held back in their capabilities. With new technology evolving day by day, cost-effective solutions are available to help lenders launch new products, adjust existing product ranges, and respond to market shifts without the usual delays and costs associated with system changes quickly and easily. Not to mention adapting to how customers want to transact with their financial needs.
With the help of solutions such as OMS Originations, lenders can create a seamless end-to-end mortgage process which is both efficient and customer centric. The successful provision of a customer-centric experience is paramount in establishing a competitive edge for any lender, or any business for that matter. Borrowers expect a smooth, efficient process, and lenders need to ensure that they can provide this while maintaining robust compliance processes and within their risk appetite. As such, systems should be flexible and be capable of handling the complexities of modern mortgage products.
As a technology-led business, our mission is to support lenders in this transformation journey. By providing advanced technology solutions, we aim to help these institutions achieve their lending goals, boost efficiency, mitigate risk, and cater to a new generation of borrowing needs. In order to do this, technology needs to be considered as a strategic partner in modernising the lending process, allowing banks and building societies to focus on what they do best – servicing the needs of their customers, writing more business and bolstering profit margins.
In a world where the only constant is change, leveraging technology to take greater control of your business is more important than ever. And displaying this level of control in an effective, proficient and professional manner is crucial for lenders operating in an industry where timing and delivery is everything.
