Could we ever see a ten minute mortgage? Where next for Smartr365? Biggest advantage of digitising the mortgage journey? We speak to our Chief Technology Officer, Nitesh Thadani, about what the future holds for technology and the mortgage industry.
Is a fully digital homebuying journey possible?
NT: “Given the market has previously been quite reluctant to change, a common theme we have seen since the pandemic is an uptake in digital technology to improve the mortgage journey. In a post-lockdown era, and surrounded by more technology than ever before, firms must keep up with client expectations and continue to implement innovations. Efficient sourcing tools and back-end mechanisms that can help to cut unnecessary approval times are vital to accommodate for today’s market, and this trend looks set to continue moving forward.”
Could the ’ten-minute mortgage’ ever really become a reality
NT: “As technology in the sector becomes more efficient and connected year-on-year across all fields of the market, there is no doubt that we could see the ‘ten-minute mortgage’ become a reality in the not-so-distant future. Open Banking for affordability, digital identity and verification, and greater connectivity with banks, are all examples of how the market is becoming closely integrated through technological advancements. Consistency and alignment across the industry will be critical in ensuring that mortgage approval times are cut down significantly, and we are certainly on the right to track to achieving this.’
What are Smartr365’s aims and vision for the future?
NT: “Given the uptake in technological advancements in the market recently, Smartr365 have seen record growth, doubling our user base from 2000 to 4000 in the space of a year. Our priority is to maintain this growth and continue to build our connections with UK mortgage lenders such as Nationwide and Halifax. As mentioned, there is great opportunity for the development of mortgage technology, and as more lenders continue to notice the efficiency of newer, more-up-date mortgage processes, we can hope to announce further partnership announcements in the near future!”
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