Whitecap Consulting was recently commissioned by Mambu to carry out research on current lending practices to establish a snapshot of the end-to-end mortgage journey and identify where the biggest roadblocks and opportunities for improvement lie.

A new white paper has been published by Mambu, the international core banking SaaS platform provider, finds that there needs to be renewed focus on improving the internal and external user journeys for mortgage applications and management. The findings and white paper are based on an analysis of the retail banking sector carried out by Whitecap Consulting.

Based on the findings of a series of in-depth interviews with departmental heads in product, marketing, compliance, operations, tech and commercial functions across retail banking and mortgage lenders, the report outlines seven key challenges:

  1. Mortgage providers still largely rely on manual processes both for mortgage origination internal processing
  2. The UX / CX is often outdated and is missing key digital elements
  3. There is little system integration and a lack of API between core banking, mortgage origination and other 3rd party systems
  4. Risk management is prioritised over customer engagement
  5. There is no end-to-end data flow, data management or reporting from mortgage origination to servicing
  6. There is an over-reliance on outdated / legacy and typically monolithic systems
  7. Lack of workflow and process automation

Stefan Haase, Director and Tech & Innovation Lead at Whitecap Consulting, said:

“The UK retail banking sector is increasingly looking towards cloud native platforms, based on a value-added marketplace of best of breed providers, connected via APIs and fuelled by automation and workflows. We were delighted to work with Mambu to conduct an analysis of the the rapidly changing requirements of UK retail banking providers operating in the mortgage market.”

The report can be downloaded here