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Tech Talks: Artificial Intelligence some way off but data will allow individual risk-based lending

by: Mortgage Solutions
  • 10/01/2018
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Artificial intelligence (AI) is playing no part yet in mortgage technology for advisers, but we're on the cusp, said James Tucker, MD of Twenty7Tec, with the panel convinced the open banking era will allow risk-based pricing for the first time.

During the third part of  our Mortgage Solutions Tech Talks debate, sponsored by NatWest Intermediary Solutions, Tucker said when the era of open banking and data exchange comes, AI-related changes will ‘happen very quickly.’

Grant Hendry, head of digital community at digital advice startup Mortgagegym said the next six to twelve months will bring a raft of development  in terms of what the data could mean to mortgage product innovation in sectors like the self-employed and lending beyond 75 years old.

Hendry said: “Access to data will mean lenders will be able to completely change their approach to product design. This will lead to huge opportunity for mortgage lenders to change their models.”

Products, rates and criteria could be tailored to suit the risk profile of the individual borrower instead of taken off-the-shelf as a straightforward product range, suggested Hendry.

 

Our expert panelists include: (from screen right to left) [07.43]

 

David Copland, director of mortgage services. LSL

James Tucker, MD, Twenty7Tec

(Chair) Victoria Hartley, group editor, Mortgage Solutions

Grant Hendry, head of digital community, Mortgagegym

Alan Ferguson, corporate account manager, NatWest Intermediary Solutions

 

For parts one and two in the series:

 

Part one

 

 

 

Tech Talks: ‘Research tells us, customers want to have a choice of advice channel’ – Mortgagegym

 

Part two

Tech Talks: ‘All our advisers agree to open a Trustpilot account’ – Mortgagegym

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