Nearly all small mortgage providers are under pressure to use new technologies to create digital credit journeys that drive revenue growth and cost savings. The most successful global challenger and digital banks are technology companies that leverage software to deliver a powerful customer experience.
As Anita Arch, Head of Saffron Building Society says that one of the main concerns for small mortgage providers is "the cost of getting up to speed and of keeping up. Technology is changing so much and whilst we might be able to get a system that works for us now, how long until the next thing comes along?" Legacy IT systems, a lack of automation, limited data access and multiple owners of the credit process all increase the risk of failed projects and poor results.
But if technology is critical to acquiring and retaining customers, how can small and midsize mortgage providers adopt a digital first approach?