Oracle taps into Open Banking for digital mortgage origination

Source: Oracle

Now available in the UK, Oracle Banking Enterprise Originations solution will help banks and building societies transform residential, buy-to-let and SME mortgage origination. Using design principles of open architecture, progressive data decisioning and complete process automation the solution will enable lenders to process mortgage applications far more efficiently by utilising best-in-class digital technologies.

For home and re-mortgage customers, the vast majority experience a complex and stressful process of data and document gathering coupled with lengthy delays. For the lenders, legacy platforms inhibit a 360-degree view of the customer and proprietary closed technology prevents quick and seamless integration with best-in-class vendors whose solutions are designed to complement the traditional mortgage process.

Oracle Banking Enterprise Originations solution solves these problems with an open architecture approach. It is enabled with 200+ origination centric open APIs and leverages open banking standards to give a single, seamless experience for customers. It relieves the stress associated with gathering countless documents by aggregating data from trusted third-party sources and financial institutions, through open banking. The solution, which is part of the Oracle Banking Platform, deploys a complete lending lifecycle approach from origination, servicing, and collections, via a single platform, developing a friction-free customer experience that increases both revenue and profitability for the lender.

One bank currently implementing Oracle Banking Enterprise Originations has been able to halve the number of required customer documents and dramatically improve time to offer, seeing a 25 percent reduction in the cost of origination.
The UK Mortgage market is witnessing a change in customer expectations for a fully digitized process, due to recent and readily available innovations such as open banking.

“It is an exciting time to introduce the Oracle Banking Enterprise Originations solution, localized and compliant for the UK banks and building societies. We believe UK re-mortgaging bank customers will welcome a solution that allows them to easily switch providers, and reap the benefits of a streamlined and seamless lending process. We are poised to accelerate and deliver our best-in-class solution in this highly competitive market,” Paul Leadbetter, Group Vice President and Chief Technologist, Oracle Financial Services.

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