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Mortgage transformation with open banking

7 MINS READ

Manjunath Mudlaiah

Consultant – Mortgages, BFSI, TCS

Highlights

  • Most mortgage lenders still depend on legacy systems which pose challenges in transforming the home buying journey. 
  • With multiple legacy systems in play, the risk of failure of the overall function increases. 
  • Transforming customer experience and improving the lender’s operations would be possible with innovative open banking solutions.  
  • Banks must embrace open banking in mortgage operations to overcome operational challenges, keep pace with competitors, and meet ever-changing customer needs.  
  • The success of open banking implementation lies in a robust data management framework and connecting with the wider ecosystem.