Technology has fundamentally changed the way consumers engage with financial services.

It is now standard for people to access and manage their finances using their phones, with three-quarters of adults in the UK utilising mobile banking apps daily.

People also see the value of a holistic view of their financial situation, as open banking now has 16 million active users.

Consumers literally hold their financial past, current and future in their hand and can view this instantly, raising the question as to why this convenience cannot be replicated across all financial services when there is a clear appetite and readiness for it.

Currently, it takes around two to six weeks for mortgage applicants to receive a decision, but automated processes can shorten the wait.

As mentioned, around 16 million people are using open banking today, and lenders have access to a rich dataset able to inform faster lending decisions. Integrating an applicant’s expenditure seamlessly into the application process removes the need to manually collect documents that may be inaccurate or incomplete.

Capita’s Omiga platform has an open banking module that can pull this data from the source and speedily verify an applicant’s expenses.

Omiga also integrates Experian work report to pull in pay data and automatically verify this against criteria, removing the need for a manual process. This can bring lenders closer to meeting consumer expectations for immediacy.

Further, the platform is integrated with Mitek, which provides automated ID and verification using facial recognition, along with anti-money laundering and politically exposed person checks, to ensure compliance and safeguarding.

While the sector awaits government-led solutions improve housing transactions, the technology-enabled solutions are already here.

Upfront property information has been hailed as a key measure to reduce wait times, an opinion held by Victoria Latham, deputy director for housing at the Ministry of Housing, Communities and Local Government, and this is readily available.

Price Hubble has been incorporated into Omiga to provide property information such as house price, tenure, title issues, the Energy Performance Certificate (EPC) rating and expected rental price. This data is automatically verified against lending criteria, lessening occurrences of cases proceeding to offer when they do not meet a lender’s criteria.

Omiga also makes automated valuation model (AVM) requests at the point of sale and instructs a physical valuation where necessary, returning the information and feeding back a decision based on lending criteria.

Additionally, the platform supports electronic certificate of title (eCOT) capabilities, enabling pre-application checks before any funds have been released.

It is not only consumers who expect more; advisers also want to interact with lenders more efficiently. Intermediaries remain key to a lender’s business and how advantageous better technology can be to this relationship cannot be overstated.

Capita recognises this need. Omiga features chat and screenshare functionality so clients and brokers can speak with staff directly if they need any assistance during the process.

The system enables direct messages between advisers and lender staff to ensure clarification and faster case progression.

To drive efficiency, the Omiga platform will push straightforward cases through automated tasks and rules, freeing up time for underwriting teams to review more complex cases; an essential consideration as financial pressures and changing employment patterns lead to more nuanced borrower profiles.

The technology to transform the mortgage market already exists, but it is legacy platforms holding lenders back.

Upgrading does not have to be complex or costly. With integrated solutions like Omiga, lenders can modernise quickly, operate far more efficiently, and deliver the experience consumers seek.