To help lenders, the fintech firm has launched a handbook to explain how AI-powered technology can be quickly adopted and address the challenges they may face when implementing systems.
MQube said the biggest onboarding hurdle lenders face that slows down the process is the integration of their lending policy into a new system, which includes their specific risk appetite and business strategy.
To simplify and speed up this process, MQube has launched a tool ‘Policy as Code’ using LLMs to automate policy analysis and the configuration process.
Stuart Cheetham, chief executive of MQube, said: “Historically, lenders have struggled to adopt new technology due to legacy systems and outdated infrastructure, which aren’t compatible with modern technology. Replacing or integrating with newer AI-driven systems can be complex, risky and expensive for regulated lenders.”
Cheetham added: “We are making our mortgage origination technology easier to adopt, less time-consuming and costly. Onboarding new software should not be a pain point for lenders but instead something that should be done quickly and seamlessly, and the launch of this new tool will enable our lending partners to do just that.”
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In October, the firm said it would “decouple” its technology and lending arms in a restructure following a strategic review.
