The artificial intelligence (AI)-powered platform spans the complete origination workflow – from initial enquiry and decision in principle (DIP) through to completion – and includes product switches and further advances.
The software will run above Vernon Building Society’s existing core infrastructure without requiring a full system replacement.
Teo Blidarus, chief executive and founder of FintechOS, said: “The real cost of legacy technology isn’t only what it takes to maintain, it’s the opportunity cost: products you can’t launch, policy changes you can’t implement quickly, and experiences you can’t deliver.
“Forward-thinking building societies like the Vernon are choosing a pragmatic modernisation path: modernise above the core, unify product and pricing logic with origination execution, and move faster without the risk and disruption of full system replacement.”
Darren Ditchburn (pictured), chief executive of Vernon Building Society, added: “Our partnership with FintechOS gives us a modern, flexible mortgage platform that will significantly improve the experience for our members, brokers and colleagues. It allows us to combine the stability of our core banking systems with the innovation needed to support future growth. Most importantly, it helps ensure we continue to provide great service, quicker human decision-making and a more transparent mortgage journey, while remaining true to our mutual purpose.”
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
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Earlier this month, the mutual appointed Louise Thorpe as chief customer officer, a newly created role.
