Novus said the government’s reforms to home buying highlighting the benefits of upfront information and Smart Data had created an opportunity for lenders to update their processes. However, the firm added that some lenders may struggle to determine what to prioritise.
Novus’ Pathfinder will help lenders to simulate how the mortgage journey is redesigned using their own data, providing a risk-free environment to test partnerships, vendors and a different customer experience.
It will also enable lenders to decide which initiatives to focus on first, based on where the dependencies are and how much value could be gained.
Pathfinder shows lenders the financial and efficiency benefits in real time with a benchmarking system. It also gives them a detailed roadmap and procurement options.
Lenders can use Pathfinder to replicate their existing mortgage journey and generate a heatmap to show friction points. It then measures their impact on fall-throughs, speed to completion and lost lending opportunities.
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Novus will be demonstrating Pathfinder at its Digital Disruption Live event at the Everyman Theatre in Manchester on 23 September.
Lenders have a chance to make quick gains
Kevin Duncan, Pathfinder product director at Novus Strategy, said: “Pathfinder gives lenders a pathway they can be confident of investing in, because it shows them what the outcomes are likely to be.
“It’s a marked change in how lenders approach innovation and transformation. In the past, innovation programmes relied on analysis and recommendation. With simulation, lenders can literally see the outcomes before they invest. That’s why the simulator is going to prove game-changing for these lenders at a critical moment for the industry.”
He said Pathfinder was the “catalyst” that told lenders how to bring down the time to completion, which demonstrating that the “entire redesign process can take as little as four weeks, even for a larger lender”.
Duncan added: “Given that the industry has more of a configuration problem than a technology problem, none of this necessarily warrants changing vendors or rebuilding solutions, and all lenders have the chance to make very quick gains.”
