Sluggish market conditions continue as the number of mortgages approved for new house purchases dropped by 4.3 percent on the year last month.[1] With less customers applying for mortgages coupled with fierce competition in the market, the FCA has called for innovation to help consumers find the best mortgage loan deal.[2]

It is clear more and more people are struggling to afford to buy their own home. With inflation rising and the cost of living constantly going up, it’s not easy securing a mortgage loan. Securing a loan can be even more different if the potential homeowners have a poor credit rating. They can use the best credit cards to build credit and improve their score but it’s still a tricky process. Not to mention, even with a great credit rating, the mortgage process is overcomplicated.

Digitizing the home-buying process is needed for traditional players to compete with non-traditional players disrupting the mortgages market. The UK mortgage application system through real estate agents such as Rivingtons.co.uk is useful, however bank applications remains largely phone and paper-based which slows down the application cycle. Updating underperforming and costly core-banking systems is a strategic priority for traditional mortgage providers as they compete against fintech and challenger banks.

In an effort to help traditional mortgage providers improve customer experience, Intelenet Global Services have launched a new Lending Suite with their banking clients. Using this AI & Automation based initiative, banks can generate mortgage offers in 30 minutes. The Lending Suite is interoperable with banks existing legacy systems which prove inflexible, reducing processing time by 40 percent and costs by 50 percent.

Crucially, this solution integrates with existing core systems to deliver significant speed and accuracy improvements without the need to replace current infrastructure. This is important given that less than 30 per cent of first-generation Core Banking Systems (CBS) replacements succeed, according to McKinsey.

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