• Home
  • Visit
    • Plan your visit
    • Meet the team
  • Content
    • Key themes
    • Agenda
    • Related content
  • Speakers
  • Partners
  • Register Now
  • CO-LOCATED WITH:
  • Future Identity FinanceFuture Identity Finance

Fintech Talents

Fintech Talents

Kallyas is an ultra-premium, responsive theme built for today websites.

T (212) 555 55 00
Email: sales@yourwebsite.com

Your Company LTD
Street nr 100, 4536534, Chicago, US

  • Home
  • Visit
    • Who attends?
    • Steering committee
    • Plan your visit
    • Meet the team
  • Content
    • Key themes
    • Agenda
    • Related content
  • Speakers
  • Partners
  • GET INVOLVED

Content

STAY TUNED

Computer Says No – But Trained Mortgage Advisors Can Still Say Yes

by Laura Camplisson / Tuesday 17 November 2020 / Published in Community & Events, Content, Featured, Fintech, FinTECHTalents, Innovation
the changing landscape of lending

At FTT Building Societies on 21st October, Alex Beavis, Head of Mortgage Products at Skipton Building Society and Matt Lowndes, Innovation Director at the Mortgage Advice Bureau discussed the Changing Landscape of Lending. In this fireside chat they talked about the potential impact of everything from Machine Learning to Distributed Ledger, to Open Banking and Speech Analytics, in shaking up the long unchanged mortgage process.

It became clear that the ability to make very human assessments and see each customer as unique, is a great strength of the Building Society model. It is likely that many customers will come to a mortgage advisor because their situation is not clear-cut. This is why Building Societies are looking to use technology as an enabler, rather than a replacement. If the tech can take on tasks such as document collection, data entry and categorising expenditure, this makes more time for underwriters to prioritise complex cases. In Alex’s words, “If the computer does say no, we have people there to take a look at your case too.”

Open Banking has been widely predicted to have a significant impact on the lending process. There could be huge value for Building Societies looking to adopt Open Banking for eligibility assessments. They would work alongside trained mortgage advisors and create a better journey for customers, brokers and lenders. But both Matt and Alex agreed that there is still a long way to go before the true potential can be realised.

In order to improve the journey for borrowers, it would need to be adopted at every stage of the mortgage process. As Matt Lowndes noted, there is no use in an intermediary utilising Open Banking to get a customer’s income and expenditure information if they later have to provide bank statements to meet the lenders requirements.

But adoption also needs to come from the customer side, and Alex Beavis recalled that when Skipton adopted Open Banking for decision making this wasn’t the case. From a lender perspective it allowed for quicker and more accurate affordability assessments, but customers didn’t trust or understand the value of giving access to their information in this way. Until customers readily embrace Open Banking as an option, the mortgage decisioning process will continue to rely on physical documentation.

Discover more about the promises and pitfalls of Open Banking at FTT Virtual Open Finance on 9th December.

Watch the full recording of this session ‘The Changing Landscape of Lending’ below.


Tagged under: #FTTBuildingSocieties2020, Building Socieites, FinTECHTalents, Mortgages, Open Banking, Splash

Recent Posts

  • Knitting together the future of a more sustainable industry

    Martin Sladecek , Director of Digital Strategic...
  • A beginner’s guide for brands: What is embedded finance?

    ...
  • Financial activism – can fintech save the world?

    Can fintech save the world? We ask Paul Trotter...
  • The value of connectivity for fintech

    Karen Bradbury, FS Sector Lead from Invest NI p...
  • A fintech is born

    Hear from Charlie Platt , President, EMEA, SAP ...


  • Home
  • Events
    • FTT Lending 3.0 2023
    • Future Identity Finance 2023
    • Fintech Talents Road Trip – Paris 2023
    • Fintech Talents Road Trip – Stockholm 2023
    • Fintech Talents Road Trip – Berlin 2023
    • FTT Embedded Finance Europe 2023
    • Customer Alpha Europe 2023
    • FTT DeFi 2023
    • Fintech Talents North America 2023
    • Fintech Talents Festival London 2023
    • Future Identity Festival 2023
    • FTT Building Societies 2023
    • FTT Embedded Finance North America 2023
    • See all events
  • Content
    • All Content
    • Interviews
    • Opinion
    • Videos
    • Digital Reports
  • VC INNOVATIONS – Accelerated Marketing
  • facebook
  • linkedin
  • youtube
  • twitter

GET IN TOUCH

T 0208 0045 517
Email: info@vcinnovations.co.uk

VC INNOVATIONS
1 Quality Court, London WC2A 1HR

Open in Google Maps

QUICK LINKS

  • Home
  • About VC INNOVATIONS

Connect with us

  • facebook
  • linkedin
  • youtube
  • twitter

RECENT POSTS

  • Knitting together the future of a more sustainable industry

    Martin Sladecek , Director of Digital Strategic...
  • A beginner’s guide for brands: What is embedded finance?

    ...
  • Financial activism – can fintech save the world?

    Can fintech save the world? We ask Paul Trotter...
  • Privacy Policy
Fintech Talents

© FintechTalents 2022. All Rights Reserved.



TOP
Fintech Talents Road Trip - Paris 2023 - Complimentary Pass


Fintech Talents Road Trip - Berlin 2023 - Get Involved


Fintech Talents Road Trip - Berlin 2023 - Complimentary pass


Fintech Talents Road Trip - Stockholm 2023 - Get Involved


Fintech Talents Road Trip - Stockholm 2023 - Complimentary Pass


Fintech Talents Road Trip - Paris 2023 - Get Involved


Fintech Talents NA 2023 - Register your interest


FTT Lending 3.0 2023 - Get Involved


Get your Rockstar Pass

Download the Report



This website uses cookies to give you the best experience. Agree by clicking the 'Accept' button. Read our Privacy Policy.