Open Banking and application programming interfaces (APIs) will be the “gamechangers” for mortgage administrators, Watts said in a presentation at the Mortgage Administrator iVENT 2018.
Watts explained that an API is essentially a digital “messenger that takes requests and tells the system what you want and then returns a response” and Open Banking is effectively the standardisation of APIs.
Open APIs have the potential to end the “completely pointless” practice of double-keying data into a lender system, Watts added.
It could also be the end of hours on hold to lenders to get case status updates.
Tech to enhance administrator job
In the administrator role of the future, processes will be supported by technology, according to Watts.
She said: “Tech is likely to enhance the role of the mortgage administrator beyond recognition.
“Already we are seeing more integrated back office systems, automated elements of case management and communications regarding case progression.
“Each of these advances are saving mortgage administrators hours, freeing them up to add value for customers and progress their application – with the human touch of course, robots can’t do that bit.”
There is no substitute for the emotional understanding and empathy from a person, Watts added.
Technology is coming but not quickly.
Costs and barrier to entry, are among the factors holding back banks from changing the way they operate, Watts said.
However, the mortgage and banking sector is now in a transition period.
And the sooner technology takes away tasks such as re-keying data the better, Watts added.