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Big banks say ‘scale and resilience’ on their side in battle with digital disruptors

  • 05/10/2017
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Big banks say ‘scale and resilience’ on their side in battle with digital disruptors
A mortgage lender panel agreed any competitive threat from data or technology companies eyeing the UK lending market could be countered by the scale and resilience of traditional lenders.

At Legal and General’s Mortgage Club Live event today, Mike Jones, ‎director of intermediaries and managing director of Scottish Widows Bank, said Lloyds Banking Group had “scale, competence and resilience” on its side, even if what it didn’t have was the ability to be “fleet of foot” due to legacy systems.

NatWest’s head of intermediary mortgages Graham Felstead agreed with the other lenders that legacy systems are a “problem” but confirmed the bank is building a new broker-facing system.

Tony Fulbrook, head of purchase, mortgages at Barclays said its business would benefit from economies of scale across product sectors and idea-sharing among big technical teams.


Deeper pockets

Fulbrook added that the sheer pace of digital change is inevitably also a problem for the disruptors as well as more traditional lenders.

“With new entrants, their systems could quickly become obsolete and they will also have to run to keep up.”

Miguel Sard, MD, mortgage division at Santander said the bank “has deeper pockets” and can invest further in its own systems, which had also already been tried and tested by the regulator.

However, the uncertainties brought by Brexit made the future and growth trajectories hard to predict.

He added: “But, until we know what Brexit is, it’s hard to predict what the true impact will be.”

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