"The UK high street lender Digital MortgageBar”, carried out by the Altus Digital team, illustrates some of the key findings around digital maturity of UK high street lenders’ direct to consumer (D2C) ‘buy a mortgage’ journey. As customers’ digital expectations grow, most lenders have the basics covered with 68% offering an online Decision on Principle (DIP).
Altus Digital Consultant Chris Moore commented: “Competition and innovation within the mortgage sector is intensifying. High street lenders continue to invest heavily in mortgage sales and origination technology. This investment is not only driving operational efficiency & cost savings but is also empowering customers to make their own informed decisions.
Open Finance and customer portals enable a more streamlined originations process for high street lenders. Mobile apps, which help homebuyers save for and buy their first home, are improving customer retention. Our analysis shows some great advances in digital innovation, but we expect a further, dramatic evolution, fuelled by improved access to and sharing of property and customer data.”