Target Group is launching a fully digitalised mortgage platform which it says will transform the mortgage application process.
The company says the launch of ‘Mortgage Hub’ will speed up the ‘outdated and cumbersome’ mortgage application process and increase accuracy.
The system reduces the need for repetitive data entry as it integrates with Open Banking and third-party APIs. As a result, it can give a decision in principle in as little as 20 seconds, saving time and operating costs for lenders and brokers. The platform integrates with existing lender software or can act as a standalone solution.
The Mortgage Hub is being launched by collaboration between Target Group and other portfolio companies owned by Indian tech giant Tech Mahindra, who employ over 125,000 people across 100 countries.
The launch follows extensive qualitative and quantitative research with mortgage customers, intermediaries, lenders and behavioural scientists.
Stuart Anderson, Chief Commercial Officer, at Target Group, said “We are excited to be launching this financial service technology which simplifies and digitalises the mortgage process and makes a measurable difference to lenders, brokers and their customers. “While other platforms have treated old processes with “digital lipstick,” we’ve developed a system that digitalises the entire process, taking everything apart and building from the ground up. Despite technology pushing many sectors forward, the mortgage market has dragged its heels, with many lenders and brokers still using slow, bureaucratic and outdated processes which haven’t really changed over the past 70 years.’
“We’ve developed a platform which draws on our wealth of experience in the mortgage lending and regulated financial servicing industry, built with customer experience at the forefront. For the broker, there is much less room for error as customer information only needs to be keyed in once. Operational costs for the lender will be reduced and applications easier to track, with customers being kept updated every step of the way.”