Speaking to Mortgage Solutions about the bank’s technology strategy, Edwards (pictured) said the sector was seeing a “clear shift” in customer expectations, as more people looked to technology to remove friction from the home buying journey.
“This presents a real opportunity for the mortgage industry to simplify processes and improve the experience for both customers and brokers,” she added.
NatWest has now gone live with Pexa for remortgage, with the first case completing a remortgage within two working days from offer.
Edwards said that with the partnership, the organisations were “starting to tackle some of the long-standing inefficiencies and fragmentation” in the home buying process.
She added: “Pexa Pay enables automated settlement through real-time transfers via the Bank of England, and the partnership will also support automated lodgement via HM Land Registry. Over time, further digitisation across these journeys should help deliver a more seamless experience for customers and brokers alike.”
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Many purchase and remortgage customers face challenges during the transaction process, Edwards said, highlighting the “scale of opportunity” the sector has to improve the experience.
Referring to recent volatility in the market, Edwards said lenders and brokers who were able to provide clarity, confidence and a smoother journey would be best placed to support customers in making informed decisions.
A more informed starting point for homebuyers
NatWest is focusing on supporting customers earlier in the home buying journey, Edwards said, building their confidence and helping them to understand their options from the outset.
Earlier this year, the bank entered into a three-year partnership with Rightmove to become the property listing site’s exclusive lending partner, displaying how much a prospective buyer could borrow and providing them with an instant digital decision in principle.
Edwards said: “Our partnership with Rightmove is designed to complement the role brokers play by helping customers take early steps such as identifying a property and completing an affordability check. This can help create a stronger starting point for conversations and support a smoother journey through to completion.
“Ultimately, it’s about making the early stages of the journey clearer and more connected, so customers are better prepared as they move forward.”
Driving speed and efficiency around the broker experience
Edwards said brokers remained a “critical part” of NatWest’s strategy, and its partnerships with the likes of Pexa and Rightmove intended to “make the overall system work more efficiently around them”.
She added: “Ultimately, this is about helping brokers support their customers with greater speed and confidence.”
NatWest’s ambition is to “significantly improve speed to offer and completion over the coming years”, Edwards said, by investing in three core areas.
This includes stronger digital integration across the home buying, “market-leading” technology platforms with open architecture for API integration and orchestration, and seamless artificial intelligence (AI)-enabled and automated operations.
Edwards said: “Over the next five years, technology will play an important role in reshaping the mortgage and home buying experience. As an industry, we’re moving away from fragmented and paper-heavy processes towards a more connected, data-led ecosystem.
“At NatWest, our focus is on supporting that transition through three key priorities: speed, simplicity and customer centricity. Strategic partnerships, including our work with Pexa, are an important part of how we bring those priorities to life and help brokers continue delivering strong outcomes for their customers.”
