"Let’s throw another word into the mix when it comes to being leaner, stronger and more agile in meeting ever-changing consumer needs – and that word is simplicity."
This is a quality which has bolstered the reputations and service offerings of a variety of businesses’ during this challenging period. Factors which will stand them in good stead for greater post-lockdown success from a more loyal and dedicated customer base.
Let’s throw another word into the mix when it comes to being leaner, stronger and more agile in meeting ever-changing consumer needs – and that word is simplicity. In terms of the mortgage journey, lenders are constantly striving for a simple and straightforward application process to make it easier for intermediaries and direct customers (boo, hiss) to do business with them. Now we all know that the mortgage transaction is a complex beast and many sections of this journey remain far from simple and far from transparent, but that’s enough about conveyancing 😊.
Focusing on the banking world, this is an area which continues to embrace transparency and simplicity through a variety of tech advances. This innovative approach is now opening doors for intermediaries to tap into systems and solutions which can make the advice process, and the gathering of client information, even more efficient. This tech evolution is evident amongst even the most traditional of traditional lending institutions and at the heart of this is open banking.
Since the introduction of the EU's Second Payment Services Directive (PSD2) in January 2018, open banking has revolutionised the way millions of people and businesses manage their finances and their data, not to mention how they interact with lending institutions. With a growing number of fintech firms and challenger banks leading the way from a tech perspective, high-street banks and building societies are coming under even greater pressure to keep up.
But how does this affect intermediaries and their business?
Access to the right information at the right time, from the right sources, in a quick, simple, secure and fully transparent method is no easy task. And, from feedback we’ve gathered over the past few months, the speed of market change has placed an even stronger emphasis on advisers being able to access a client’s credit file in just such a manner.
This is where service providers such as Click2Check come into play. Our Credit Assess functionality enables advisers, with the consumer’s consent, to gain the information they need from bank statements and credit reports within minutes. This is delivered by utilising open banking technology to provide easily accessible bank statements so that intermediaries can swiftly analyse affordability and risk for lending.
Integrating technology to build a better pre-sale understanding of a client’s full and frank financial picture will prove an invaluable tool in any intermediary’s locker moving forward. With open banking, and solutions which utilise this technology, playing a major role within this process.
