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As a result, 35% of executives are now focused on improving their organisation’s resilience to future disruption through implementing new, agile technology that can better adapt to unforeseen market changes. In fact, 78% of banking executives have stated their organisations were unprepared for the remote challenges of COVID and that it negatively impacted customer service. Increasing flexibilityĬOVID exposed the flaws in many financial institutions’ operating models, which were unable to adapt to customer needs on the front-end, but also lacked unification throughout the organisation. While some financial institutions with legacy systems are understandably wary digital transformation might jeopardise the security of their customers’ data, the time savings offered by new technology secured in the cloud prove alluring factors.
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Meanwhile, newer entrants in the industry often have automated compliance processes, such as electronic verification that provides them with operational advantages over industry incumbents. Industry regulations are becoming stricter, which is adding complexity and paperwork to the compliance process. Institutions that are reluctant to go digital because of cost burdens must recognise that the hours currently spent rekeying data into multiple systems could be directed toward more relationship-building focused activities. Many institutions have turned to modular solutions built on different platforms that handle different parts of the origination process, and in turn, create issues like duplicated data entry and increased cost burdens.Ĭost pressures are the main barrier organisations face when looking to implement new technology, but currently, the average mortgage origination cost is £4,000 per loan.
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Recent data shows that nearly half (47%) of banking executives say they do not have access to the right information to deliver an exceptional customer experience, with 39% struggling to unify their customer data across platforms and channels. Having access to the right data is crucial to providing an exceptional service.
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In order to compete, institutions need to thoroughly review how customers engage with their services and look at how to deliver a more uniform experience throughout the entire lending process – from delivery of documents to final mortgage confirmation. Digital-first consumers expect the same level of speed, personalisation and service offered by other companies they interact with regularly. Though many lenders may have initially viewed the switch to digital as a necessity during the COVID-19 pandemic, customer expectations of their mortgage experience have fundamentally changed. In fact, mortgage spreads have hit their highest levels in seven years according to the Bank of England.
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While lenders initially predicted that the end of the Stamp Duty Tax Holiday would quell market activity, it is clear the market is still very active. However, Britain’s banks and building societies are failing to exceed customer expectations and capitalise on this ongoing surge in housing market demand. Demand for mortgages in the UK remains highĪt the same time, the number of mortgage applications has increased and the demand for mortgages is showing no signs of slowing.