The packager has launched the fully-integrated Application Programming Interface (API) with Shawbrook Bank on a single product, its 55 Plus interest-only mortgage.
The product, Atom Together, combines a specialist sourcing tool, case workflow and digital document tools with lender integration producing a decision in principle, then case submission and tracking after one input from the broker.
The tool has APIs in place with Shawbrook and Together Money, but allows submission to Atom’s panel of other lenders’ application forms.
Shawbrook Bank said the API took weeks instead of months to develop, as both parties already had the API functionality available, so it was a case of programming the two together.
Dale Jannels, MD at Atom said the Sussex-based broker felt it had to create its own tool, Atom Together after other market offerings fell short.
“There are plenty of IT and fintech talks in the market, but ours silently launched in June last year and from what our lenders tell us, we are a long way ahead of anything else they have seen. It allows the automated journey, but also allows the manual consideration. Not all mortgages can go the tech route, some will always need the human touch,” he said.
Jannels said the technology is in its first phase with plenty more to come for the 3,050 brokers using the system.
MD of residential mortgages at Shawbrook, Maeve Ward confirmed the API lends itself to the bank’s full-range of residential mortgage products so in time the range will be rolled on to the Atom API.
“In terms of time saving, what would have taken hours, now takes minutes, so the customer is now provided with real time decisions and populated documentation, reducing the risk of human error,” said Ward.
She added: “Atom put customers and brokers at the heart of everything they do, which is very much aligned to our own core values. They wanted to bring to market a platform that made the customer journey seamless. They appreciate wholeheartedly that time costs money for brokers, so removing the amount of rework they have to do is paramount in providing a best in class user experience, allowing them to reinvest the time saved to helping more customers.”
Early API adoption
Together Money integrated its API with Atom in early 2016 and has 23 brokers using the tool.
John Truswell, head of national accounts at Together said: “While we aren’t the only lender to offer this type of service, we certainly have a rich offering, which now covers all our products across the personal finance and commercial plans.”
Truswell said the lender’s latest API evolution is the credit profile API which allows brokers to direct their system to return a pdf version of the customer’s credit report.
“Across the market, lenders need to constantly update and enhance their IT capabilities if they want to ensure their processes for brokers are as straightforward as possible.
“The API system can offer a substantial time saving on applications – estimated by Atom to be around 30 to 35 minutes – while also delivering a more efficient process, as brokers don’t have to submit the same information multiple times.”