Within this, all lenders are seeking ways to be more efficient, transparent, consistent and faster from an application, processing, and service perspective. And are increasingly relying on technology for better delivery and processing to expedite growth.

It’s evident that not every lender can be at the forefront of the tech revolution but there are plenty with the appetite to be ‘fast followers’.

This message was clear in the latest OMS Tech Talk, an event designed to discuss technology and trends throughout the mortgage sector. As part of the event, a panel session was held, hosted by Rob Barnard, Intermediary Relationship Director at Pepper Money. The panel consisted of Rob Oliver, Distribution Director at Dudley BS, Adam Oldfield, Chief Revenue Officer at Phoebus, William Lloyd-Hayward, Group Chief Operating Officer at Brightstar Financial, Nick Morrey, Product Owner at Aldermore and OMS’s CEO, Dale Jannels.

Speaking within this session, it was suggested that there were lots of lenders of a similar size with a strong appetite for growth but, especially from a building society perspective, that many of the current systems in place of varying ages, performance and, quite frankly, rigid architecture were not efficient enough to drive substantial and sustainable growth. A factor which was hampering their progression.

Cost is an obvious concern which underlines just how important collaboration could be in making tech adoption more cost-effective, especially when taking into account set-up costs and ongoing support. Thankfully, technology has moved on to a place where solutions can be white labelled, with bespoke features and functionality included, even when part of a more collaborative initial build.

Tech providers such as OMS have also had to evolve in line with market demands. We initially founded our cloud-based customer relationship management (CRM) system back in 2017. This was initially aimed at mortgage brokers but, after learning a huge amount on this journey around the real needs of brokers, lenders and the end consumer, we have diversified into lender originations, creating a solution which we believe can make a huge difference for all lender types.

Within this journey, we have seen a fear of change as many lenders and intermediary firms have always done things in a certain way, but changing customer habits meant that change is inevitable, and that change should be embraced.

All generations are becoming increasingly tech-savvy and if any business is not catering for their exacting needs in the right ways then they’ve already missed out before they even realise. For example, the younger generation are more likely to be doing all their transactions on a mobile phone or tablet, and the mortgage industry needs to be prepared for that. Lenders fully understand this, but it’s one thing understanding it and another to have the vision and the right tech partner in place to be able to deliver on every level, in a cost-effective manner.

The tech gap will continue to widen in terms of the modern and legacy systems which continue to hold some lenders back. Which means that the race to become the fastest of followers is on, make sure that you don’t get left behind.

Original Article by Modern Lender: LINK TO ARTICLE