Thought Machine’s Vault Core platform allows banks to build a system to suit their needs, as well as test and launch customised products.
MQube will use the Thought Machine platform to allow banks, building societies and non-bank lenders to make real-time decisions on mortgage applications.
MQube partners with lenders to develop tailored mortgage products through its technology. It has a mortgage origination platform which uses artificial intelligence and data to speed up and simplify the mortgage process.
Stuart Cheetham, CEO at MQube and MPowered Mortgages, said: “Banks, building societies and non-bank lenders have been slow to both adopt and integrate the latest technologies into their business models. Their legacy technology adopted by banks has resulted in a long and arduous mortgage journey that borrowers complain about. This remains a key problem for banks and leads to unhappy customers.”
Cheetham said the partnership would offer a solution to lenders.
He added: “Our mortgage platform, which is available to all mortgage brokers nationwide, has changed the mortgage process for the better and improved the way our brokers do business. We are excited to extend the benefits of our platform to banks, and work with Thought Machine to improve the entirety of the mortgage and lending ecosystem.”
Lenders left behind without latest tech
Liam Leahy, managing director, sales, EMEA, at Thought Machine, said: “Building societies, banks and non-bank lenders risk being left behind if they fail to adopt modern technology now. Mortgage customers want a fast, simple, and efficient service – which existing, outdated technology platforms are failing to deliver.
“By offering personalised products that can meet customers’ specific needs – in contrast to the ‘one size fits all’ approach that currently causes frustration and delay for mortgage customers across the country – mortgage providers will be able to grow their customer bases and increase their market share.
“We’re looking forward to working with MQube in streamlining and simplifying the entire mortgage process for providers and their end customers nationwide.”
