Digitizing the mortgage market remains a top priority for banks

Intelenet Global Services has launched a new ‘Lending Suite’ to help banks generate mortgage offers in as little as 30 minutes.

The number of mortgages approved for new house purchases dropped by 4.3% on the year last month, further underlining sluggish market conditions.

With fewer customers applying for mortgages coupled with fierce competition in the market, the Financial Conduct Authority (FCA) has called for innovation to help consumers find the best mortgage deal.

Intelenet says digitizing the home-buying process is crucial for traditional players to compete with non-traditional players disrupting the mortgages market. As it stands, the UK mortgage application systems remains phone and paper-based, which slows down the application cycle.

By updating underperforming and costly banking systems, traditional mortgage providers will be able to compete against fintech and challenger banks.

In an effort to help traditional mortgage providers improve customer experience, Intelenet Global Services has launched a new ‘RPA Lending Suite’ with their banking clients, which will allow banks to generate mortgage offers in 30 minutes.

The lending suite is interoperable with banks’ existing legacy systems which reduces processing time by 40% and costs by 50%.

“Consumers are constantly searching for the best deals to enable them to invest in their dream home as quickly as possible,” said Nitin Sahni, director of corporate services at Intelenet Global Services.

“The last thing a customer wants is for this landmark time in their life to be tainted by long waits and arduous processes to get things moving.”

He said that revamping the core banking system may seem daunting for banks who recognise there is a need to change their system but are deterred by the exorbitant implantation costs. Replacing the core business systems which largely underpin all banking operations is not feasible, he added.

“Firms are looking for solutions to cut costs and processing times which fit alongside these systems,” Sahni continued.

“Speeding up processes will help traditional mortgage providers retain and expand market share while delivering the best possible customer experience.”