"When it comes to successful implementation of fintech, it’s all about ensuring that the best outcomes are being delivered for the end user."
In 2017, KFC entered into an unlikely partnership with NASA for the quite literal launch of a 'space sandwich' burger which saw them send a KFC Zinger sandwich into space. A move which led to extensive media coverage of the new sandwich, and NASA’s other initiatives.
Last year, we saw the ‘Beanz on Bix’ become one of the most talked about campaigns of the year. This comprised of a tweet of Heinz baked beans being served on Weetabix to represent a breakfast with a twist. The post was retweeted 37,000 times, quoted 68,800 times and received 131,000 likes. As a result, Weetabix said its spontaneous brand awareness increased by 40% compared to the previous year. In addition, it saw a 15% increase in sales on Valentine’s weekend as eager customers looked to recreate the breakfast idea.
Of course, these are two examples of some extreme marketing but the idea of firms collaborating to gain attention, spread an educational message and/or integrate their offerings is certainly a welcomed trend. Historically, many firms in the mortgage space have been extremely guarded about their propositions and who they work with. And rightly so at times. However, we are operating in a different age, with a different mentality and during a time when such attitudes could hinder progress rather than expediate it, especially from a tech perspective.
With this in mind, it was a real positive to recently see Mortgage Brain, Iress and Twenty7Tec announce a partnership to develop standardised terminology and language across their mortgage application platforms with the additional benefit of speeding up mortgage decisions in principle and application processes.
Last year, here at OMS, we become the first third-party system to integrate with Submissions Brain, the multi-lender application and submission gateway from Mortgage Brain. This integration is already helping to save our users up to 20 minutes per case as it allows them to pre-populate data directly through Submissions Brain onto the lender’s platform, therefore allowing them to submit a decision in principle or full mortgage application through a single login. These are the types of collaborations which are making a real difference in terms of how advisers view technology and its benefits, which is reassuring coming from an audience which has not always fully appreciated its potential.
When it comes to successful implementation of fintech, it’s all about ensuring that the best outcomes are being delivered for the end user. There will always be competition within the market and this is healthy. What’s far from healthy is ongoing conflict which stops the mortgage market moving forward and from delivering the types of integrations which work for providers, advisers and borrowers. Greater collaboration to provide solutions which help streamline and simplify the customer and intermediary journey are good for everyone. So let’s embrace this journey together.
