The mortgage technology provider also explained that it was already planning five years ahead for what the mortgage market may look like by then.
Speaking at the Building Societies Association annual conference, Twenty7Tec head of lender relationships Melanie Spencer agreed Open Banking had potential but was slow to get started.
“It’s having trust through the process, who’s going to accept that data from that source,” she said.
“That’s a challenge we have at Twenty7Tec.
“We have got Open Banking on our road map, but we’re not doing anything with it yet until we know lenders will accept it.”
Not going to stop there
Spencer noted that she expected to see a significant amount of change in market technology over the next three years.
“We’ve been talking a lot about application programming interfaces (APIs) and we’ve not quite got there yet – even though we’re talking day in and day out to lenders about them and connectivity,” she continued.
“In the next 12 months to three years we’re going to see a big change in connectivity and digitalisation around the mortgage process.
“But I don’t think it’s going to stop there, it’s going to continue growing. We’re thinking five years down the line on what changes will come and hopefully just get better as time goes on,” she added.