We don’t make changes just to make them. But once they are made, we never stop trying to make it better.
Jerry Mulle
UK Managing Director at Ohpen
Henry Ford said that the new way is superior to the old one. The new way of mortgage technology is better than the old. Although the cloud has been around for some time, it is only now being used for systems-of-record (the transactional systems that support every lending business), and it is becoming an integral part of every financial service.
Cloud-native platforms are available for mortgage lenders that allow you to be more agile.
By reducing friction, unlocking innovation and providing a better customer experience, businesses can move faster. Cloud technology is often at centre of such efforts because it provides an innovation ecosystem that allows an organization address its transformational requirements.
The key is to find the right partner who will help you navigate through what can seem daunting and difficult. Cloud solutions do not only allow you to host an existing legacy application on a shared infrastructure. While this is a good first step in reducing infrastructure costs, cloud-native options offer much more flexibility and efficiency. They also allow for greater cost savings.
SaaS software solutions offer software access at any time and from any device. These solutions are a great replacement for applications with high-value that are hosted on premises. SaaS solutions don’t require infrastructure investments and offer green benefits. While IT resources can be redeployed to core business functions and maintenance and updates are included, they can also be used for support. You can add users to a SaaS application even if your organization does not have the infrastructure. Netflix and Google Workspace are good examples of the SaaS model.
Flexibility doesn’t only mean being able to adapt your business to your needs. Many of the changes that we need to embrace are from the supply side rather than the demand. More than any market dynamic, regulations and government policies drive UK mortgage lending change. All lenders must comply with the FCA and PRA requirements. Our cloud environment allows everyone to be compliant. However, upgrades that are beneficial to all can also recognize the nuances of specific markets or interest calculations may not be applicable to all. Our European work with providers in other markets has shown the value of understanding and examining business processes in order to identify and fix the gaps and provide solutions that eliminate unnecessary complexities in legacy systems.
Technology teams must ensure that they don’t bring a legacy mindset to cloud implementations. Teams that try to replicate existing processes or simply transfer existing technology assets into the cloud without realizing the potential for a complete redesign and rethinking of their business models will not gain much.
Our model is simple and focuses on high performance and guaranteed uptime. It’s all consolidated into one SaaS platform. A partnership with a company who understands your market will help you make the right technology decisions. You can achieve your goals with the right technology and the right partner. Ford was correct about the adoption and use of new methods.
