This transformation of our mortgage and savings systems actually started in April 2020 with the goal of moving to a more modern model to reflect the innovative nature of the mutual, especially from a lending perspective, and to provide a solid tech base from which we can be more receptive to further digital change.
A learning curve
Before entering into such a huge project, it was difficult to appreciate the full extent of disruption and complexities involved throughout the various stages of development, testing, retesting and testing some more. We’re now well over three years down this path and it’s only recently that we can take a comfortable step back to appreciate just how far we have come.
We also realise how we can use this far superior level of tech infrastructure to further extend our proposition to help offer our customers the best possible outcomes in terms of allowing them to save safely and confidently build for their own futures.
It has also provided the platform for a host of digital integrations. One of the latest being a partnership with LMS Panel Link to drive efficiencies throughout a conveyancing process which is also striving to be faster, simpler and more efficient.
Collaboration
A positive step in this transition is the recent formation of the Digital Property Market Steering Group (DPMSG), a new coalition of key property industry players designed to lead the drive towards digital conveyancing.
The vision behind this is to have everyone involved in buying, leasing and selling land and property to experience a secure and modern market that is transparent, customer-friendly and business-friendly at all stages.
Through collaboration, innovation and a focus on emerging digital technologies, the group will look to build on existing progress across the home buying and selling system to get a better result for the customer: simpler, faster, more certain and less stressful.
There are many encouraging buzzwords within this ambitious plan and, in some ways, there are similarities between our own tech journey and that of the conveyancing process, especially in the fact that we both had to start from some relatively antiquated beginnings. In order to get our systems and processes right, we had to talk to many different parties and we have learnt a huge amount about our business, our people, our customers and our intermediary partners along the way.
One of the biggest of these lessons has been the importance of collaboration in overcoming a host of obstacles from a digitalisation perspective and this is also key from a lender/law firm standpoint in helping to streamline an end-to-end conveyancing process.
In a tough lending environment, the fewer hurdles that are placed in the way of potential buyers the better, and improving the homebuying journey from a lending and conveyancing perspective is a vital part of speeding up and simplifying what remains a somewhat combative and arduous journey for too many.
