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Lenders’ role in truly integrated technology
Thanks to innovative companies such as 360 Dotnet, advisers are now able to enter client data into just one platform, simultaneously populating sourcing results for relevant mortgages, insurances and even conveyancers.
But the reality is that when it comes to a truly integrated process we’re only half of the way there. Intermediaries are still forced to re-key all their client information into lenders’ own portals when looking to submit an application. Should that lender turn the client down, they will then be forced to enter the same client information again into a different lender’s portal. This process is costly, inefficient, and all too often results in poor experiences for the end client.
A number of providers have attempted to address this issue over the years, and to finally enable the seamless transmission of client data between intermediary and lender systems. Unfortunately however, the systems created have delivered little more than smoke and mirror style integration, with intermediaries invariably seeing no tangible benefit in their use versus re-keying client data into the lender’s own portal.
As such, take up of these systems in the intermediary space has been poor, and lenders have been left wondering why they would need to engage in integration projects with intermediary systems providers, when the solutions on offer simply aren’t up to scratch.
But times are changing. The technology required to automatically transmit and map client data from intermediary systems to lender systems, offering single data entry, and instant application decisions, is already being employed successfully in numerous other industries. And soon enough, we will find it being employed in this one.
When that happens, instead of wondering why they would need to engage in such integration projects, lenders could soon find themselves wondering what will happen if they don’t.
Article Published by Mortgage Solutions
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