Automation Tools Help UK Mortgage Provider’s Market Share Surge

Intelenet Global Services stress that end-to-end automation can make the difference for mortgage providers

The UK’s top six mortgage providers are suffering challenges to their dominance, seeing market share decline from 86 per cent in 2009 to just under 69 per cent today.[1] Working against this trend, one of the UK’s leading banks has increased its market share of mortgages significantly.  The bank deployed tools created by Intelenet Global Services to increase efficiency at all stages of their mortgage service lifecycle.

Low interest rates create favourable market conditions which boost demand for mortgages. Yet this is also attracting increased competition: a report by the University of Cambridge found that mortgages are one of the fastest-growing products within peer-to-peer (P2P) lending.[2] New funding models such as P2P, alongside other challenger banks, mean that traditional banks must explore new ways to engage customers and boost their market share.

Bhupender Singh, CEO of Intelenet Global Services, says: “When we started working with one of the UK’s leading mortgage providers, it became clear that they needed to improve the productivity of their service. Although they are a household name with over 2,000 high street branches, customers are increasingly attracted by the speedy process times of the more technologically adept fintech players. For traditional banks, the necessity to make careful decisions around risk has often reduced their ability to innovate.

“In the current housing market speed is everything: properties are snapped up incredibly quickly. Customers expect a fast turnaround on mortgages so boosting efficiency in the underwriting process is a great area of competition for providers.  The good news is that it’s now possible to reduce drastically the Mortgage Offer Cycle – from periods of 11 days to just 48 hours. Automation tools have truly moved the goal posts in this sector.”

Identifying areas where workflow management tools can reduce manual labour enables skilled underwriters to focus their attention on the complex tasks in hand. Together, automation technology and skilled workforces can produce a more efficient and also more expert service.

Applying tools such as Intelenet’s I Resolve workflow system, alongside staff training tools such as EpiPlex, drives productivity whilst improving the quality of the service. This end-to-end service – which provides tools and expertise from origination to termination – gives providers the ability to meet customer demand at all stages of the mortgage process.

Bhupender concludes: “In the midst of intensifying competition and regulatory requirements, lenders now need to focus on effective data management in the mortgage application and approval process to meet regulatory requirements. The challenges for providers are certainly there, but thankfully the solutions are available to transform their offering to overcome them.”