"The mortgage market has been slow to adopt technology such as document verification and facial biometrics technology to remove customer pain points"
Tech firm Burrow has partnered with Saffron Building Society to launch a fully automated pre-application solution for new mortgage customers.
Saffron will be the first lender to adopt the Burrow solution which is planned to launch in Q1 this year.
The platform enables lenders and intermediaries to pre-qualify customer mortgage enquiries, without the need to integrate into core banking platforms, although a fully integrated option is also available.
Colin Field, CEO of Saffron Building Society, said: “With changing customer expectations and emerging technology, the market is prime for designing better customer experiences. As a regional mutual building society, we pride ourselves on service and customer centricity. The Burrow technology will enable us to digitally evolve at pace whilst creating compliant, customer outcomes. We have chosen to partner with Burrow for their expertise and shared ambition of creating better support tools for mortgage customers, that result in better conversations and experiences.”
Pradeep Raman, director of digital solutions at DPR, added: “We’re really pleased to be working with Saffron to deliver their business with a low cost, low effort and quick to market solution. In a world where customers are time poor and expect instant answers at their fingertips, Burrow solves for this by giving customers confidence in their understanding of what mortgage options are available to them.
"The mortgage market has been slow to adopt technology such as document verification and facial biometrics technology to remove customer pain points and simplify the mortgage research process. We believe that our solution can speed up the pace of digital transformation whilst empowering lenders to create better customer journeys, mitigate risk and improve operational efficiency.”