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Lenders must improve case transparency as mortgages are digitised – report

  • 18/09/2018
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Lenders must improve case transparency as mortgages are digitised – report
Lenders must make the mortgage process easier for intermediaries and improve transparency around case progression, requests and decisions as mortgages become digitised, according to global business services consultancy Cognizant.


A fully digitised mortgage process can help to resolve some of the challenges faced by lenders, Cognizant said in a white paper on the industry released this month.

The report noted that intermediaries have invested in technology to improve customers journeys and improve efficiency.

Cognizant said: “Intermediaries’ ideal interaction with a lender would be the path of least resistance, where they can obtain the best and quickest decision for their customer.”

But further investment in digital mortgages, would need to improve the relationship between lender and intermediary.

And this would require changes by lenders, Cognizant added.

The report said: “For that investment in digital, changes will be needed, including making the process easier, automating the exchange of data (enabled by technologies like application programming interfaces (APIs) and robotic process automation, and further improving transparency around case progression, information requests and decisions.”


Mortgage technology not kept pace with demand

Technology has not kept pace with the value demand in the mortgage industry, Cognizant said in the report.

This is in part because traditional operating models have largely not been questioned, and fragmented point solutions are instead in place throughout the mortgage process.

However, digitisation is now underway in the industry and “not a fad”, Cognizant said.

Cognizant’s head of digital strategy Jason Smith today reiterated some of the points from the report at the UK Finance digital innovation summit and said lenders must embrace digital transformation to remain relevant.

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