Breaking News
Smartr365 and Nationwide Host Joint Event to Discuss Partnership and Future of Mortgage Technology
Leading end-to-end mortgage platform Smartr365 recently partnered with Nationwide, the world’s largest building society, to host an exclusive London event to explore the future of mortgage market technology.
The event, which took place on Thursday 6th July at the Post Building (Holborn), focused on how cutting-edge technology tools should be integrated into the mortgage journey to ensure it is fully digital, frictionless, and customer-led. Conor Murphy, CEO and Founder, Smartr365 outlined a vision of the market as a platform world, with standardised technology tools seamlessly connecting advisers, lenders, and customers, saving time on all sides. The presentation urged the industry to evolve its cumbersome, paper-based processes in a bid to boost efficiency and customer satisfaction.
Andy Tilsley, Intermediary Digital Relationships Lead, Nationwide also spoke at the event, reaffirming Nationwide’s commitment to its partnership with Smartr365, and the firms’ joint effort to streamline the homebuying journey.
Smartr365 reveals growth plans
Conor Murphy revealed that Smartr365 currently supports 3,500 UK brokers, with plans of reaching 6,000 by the end of the year. This would take the proportion of total UK brokers supported from roughly 15% to 30%. Conor Murphy also revealed an imminent partnership with a major mortgage lender, which will take the platform to 62% market coverage by volume.
Partnership set to save brokers around 30 minutes per application
The event follows the announcement last month that Nationwide has approved the market roll out of Experian’s Open Banking solution to mortgage applicants who apply via any intermediaries that use Smartr365, following a successful pilot scheme. The service uses Open Banking to access a customer’s bank transaction data digitally with their consent. The bank transaction data is then automatically categorised to make it easier to interpret and formatted into an Experian branded bank statement, reducing the time taken to assess affordability.
The partnership removes the requirement for mortgage applicants to manually obtain bank statements to share with their broker, saving brokers around 30 minutes per application. The capabilities will bring consistency for underwriting assessment as well as increase quality, due to the exact statement date range being provided first time. The in-built Experian authentication and ownership check instantly verifies identity, along with confirmation that an account is valid and owned by the applicant. Nationwide, through Smartr365, will be one of the first lenders in the market to offer this Experian digital alternative to the traditional paper-based proof model.
Conor Murphy, CEO and Founder, Smartr365 commented: “With the mortgage market once again moving at pace, we are reminded of the importance of time-saving technology tools that streamline the entire process and keep activity flowing smoothly. It was fantastic to hold our joint event with Nationwide to showcase what our end-to-end mortgage platform is capable of, and with another significant lender integration to be announced very shortly, we will be soon be connected with almost two-thirds of the entire market. As we approach this milestone, we expect even more lenders to get on board with the aim of achieving a completely digital homebuying journey in the not-so-distant future.”
- Wells Fargo Expands Its Commercial Banking Transformation with Q2 to Drive Collaboration Across Commercial Banking Teams Read more
- ADIB Becomes the First Islamic Bank to Adopt Swift’s Alliance Cloud Platform Read more
- CSI Launches Advanced Check Fraud Detection Tool in Partnership With Mitek Systems Read more
- LuLu International Exchange Partners With Fintech Galaxy for Open Banking Remittance Solutions in Bahrain Read more
- Wealthon Secures PLN 531M to Accelerate the Expansion of Unique Financial Services Ecosystem for SMEs Read more