APIs and digital transformation will be key in the mortgage market, says IRESS

Technology continues to be central to lenders’ and intermediaries’ thinking as they both strive to improve the mortgage journey for customers, according to IRESS fifth annual Intermediary Mortgage Survey.

The financial technology business says that API technology, digital transformation and robo-advice have dominated the survey feedback as areas which lenders and intermediaries believe will impact the mortgage market.

APIs

In last year’s survey, 44% of lenders said APIs (application programming interfaces, which allow different online systems to link together) would open up opportunities in the mortgage market.

This year’s survey show lenders investing in API technology, with a third of those surveyed now accepting, or in the process of implementing, applications via API’s into their intermediary online digital platforms.

Open Banking

Last year, six out of ten lenders surveyed saw Open Banking as beneficial to the mortgage process, but this has now gone up to 96%.

Lenders believe that Open Banking technology will improve the mortgage application process for customers through the delivery of quicker, more accurate decisions, faster processing times and fewer requirements for documentation.

Progress in this area is reflected in the fact that four new providers have signed up to the Open Banking initiative since the 2018 survey.

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Source: APIs and digital transformation will be key in the mortgage market, says IRESS