Oracle Banking Enterprise Originations uses Open Banking
to improve customer experience with mortgages
LONDON, Aug. 19, 2019 /PRNewswire/ -- 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.
About Oracle Financial Services
Oracle Financial Services provides solutions for retail banking,
corporate banking, payments, asset management, life insurance,
annuities, and healthcare payers. With our comprehensive set of
integrated digital and data platforms, banks and insurers are
empowered to deliver next-generation financial services. We enable
customer-centric transformation, support collaborative innovation,
and drive efficiency. Our data and analytical platforms help
financial institutions drive customer insight, integrated risk, and
finance, fight financial crime, and comply with regulations. To
learn more visit our website.
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