Q&A: Smartr365 Chief Technology Officer reveals the future of mortgage technology

As we kick off the second half of the year, we sat down with Nitesh Thadani, Smartr365’s talented Chief Technology Officer, to chat about digital ID, open banking, and what H2 could hold for the development of mortgage technology.

What is the biggest challenge in digitising the homebuying journey?

Nitesh: “The biggest obstacle in digitising the mortgage journey is overcoming legacy attitudes and practices! The UK property market has been active for hundreds of years, and some people can be reluctant to integrate new ways of working. However, mortgage tech can offer some fantastic time savings, so the sooner we can encourage people to adopt new tools, the better.”


What role will open banking play in the mortgage journey going forward?

Nitesh: “Open Banking has recently shot to the forefront of payments, surpassing 7 million users for the first time in February, and its influence in mortgage services is also growing. Open Banking increases competition amongst firms and allows consumers to benefit from the new innovations generated as a result, such as new savings apps. Having access to much more detailed customer information could also start to influence lending decisions. I expect the number of users and general awareness of open banking to continue to grow, in turn boosting competition and transparency amongst firms.

“Using Open Banking in lieu of the current need for 3 months’ worth of hard copy statements offers huge efficiency gains. We are hugely proud that Smartr365 offers a solution for this major friction point, thanks to various high-level partnerships and integrations.”

What is the most underused piece of mortgage tech?

Nitesh: “Digital ID is hugely underrated and underused. We were actually the first mortgage platform to integrate Digidentity’s digital ID verification service, which underpins the UK government’s GOV.UK Verify service, way back in 2020. What could be more useful than a sleek, digital package of your information that can be passed up and down the chain in financial transactions? There is absolutely no need for anyone to be travelling into offices to photocopy passports in 2023 when digital ID offers a much quicker and easier alternative.”


What is the biggest benefit of a fully digital homebuying journey?

Nitesh: “The greatest benefit of a fully digital homebuying journey is certainly the time saved and securely exchange of information. Digital processes are much more efficient that the in-person orpaper-based equivalents. Online home buying journeys ensure there is no time wasted on posting or copying papers or travelling to in-person meetings. Claim back some vital minutes by letting tech streamline your day.”


Does digital ID have a future in the mortgage industry?

Nitesh: “I am certain that digital ID along with other digital transformations has a huge future in the mortgage industry and wider financial services. Anything that can safely reduce the time spent on administrative tasks is always welcomed with open arms. Importantly, we forget how digital transformation has impacted several industries and now it will help grow the mortgage industry.”


What is your long-term vision for Smartr365?

Nitesh: “I aim to cement Smartr365 as a ‘must have’ for all mortgage brokers. We are already the platform of choice for just under 4,000 UK brokers, but I truly believe that all could benefit from the tools we are building. To achieve this,we will continue to evolve our platform and shout about the value that the developments add. There are some fantastic innovations at brokers’ disposal –our job is to help them understand and use them.”


 Keen to see Nitesh and the team’s innovations in action?

 Book your free Smartr365 demo today.