All lenders know that sentiment drives the UK’s housing market. The events of the past six months have proven how markets can turn if confidence is rattled. In this regard it may be time to hold one’s nerve, but all markets need momentum. Technology investment is no exception and I am pleased to report that, in this market at least, we are seeing a head of steam build.

We were delighted this month to be able to announce a new lending client. I have written before about why now is the right time to be investing in new technology and new practices. The volatility of the last few years has put many legacy platforms to the test and it has found them wanting. For the foreseeable future it’s a foregone conclusion that an ability to move quickly, at pace and securely to scale up operations and deliver new target operating models will be essential if lenders are really going to write the business they want to and at the right margins.

Our cloud-based banking solutions and business model means that building societies can really take advantage of the functionality that is available to all lenders now. Lenders of all sizes have similar issues when it comes to ageing platforms and making investment decisions about what to do next to ensure they are fit for purpose many years from now. Interoperability is key here. No lender, big or small, is able to change everything at once, so programmes of incremental change are key. These can focus on what is really required. Software as a service (SaaS) functionality means that using the very best of what is out there (whomever builds it) is available to everyone.

All building societies have heritage. It is what has made them so successful. Dudley Building Society has been providing mortgages for 165 years, providing lending to many borrowers with complex requirements. The society offers criteria-led, specialist mortgages, supported by human, common sense underwriting and a strong focus on intermediary service levels. But heritage brings with it the need to upgrade old ways of processing and doing things.

Following intermediary feedback. its strategic intent is to now significantly step-up its service to intermediaries by innovating its mortgage origination journey, with a focus on improving the speed and efficiency of the decision in principle and application process.

Lenders are increasingly embracing innovations that enable them to further optimise end-customer services. SaaS is an opportunity for banks to do so. Their legacy systems do not always work with other systems. With SaaS, this is not the case. The cloud-native technology means we connect people and organisations in the financial value chain, enabling consumers and businesses to benefit from innovation and development.

Mortgage lending and financial services are rapidly moving towards SaaS solutions due to the increasing expectations of brokers and their borrowers and the possibilities offered by the cloud, including reduced costs, faster time to market and scalable growth. When you see how much of financial services is increasingly reliant on digital interfaces and processes, it becomes clear that our modern day life without SaaS solutions quickly becomes unimaginable.

Ahmed Michla, Head of Marketing and Communications, Ohpen