Temenos today launched a fully-Integrated front-to-back, mortgages solution with a smart decision engine powered by Explainable AI, helping lenders to deliver a personalized digital mortgage experience while reducing their costs and time to close.

The solution enhances productivity and reduces delinquencies for lenders through automation and intuitive workflows to make quick and prudent decisions, using AI to provide affordability assessments that are transparent and explainable.

Temenos Digital Mortgages provides borrowers with hyper-personalized experience in every touch point through the partner ecosystem model, resulting in seamless customer experience and increased customer satisfaction.

Reducing the time to close is important to customers, particularly during turbulent times with rising interest rates, helping them meet real estate contracts or rate lock periods to secure a property or afford a mortgage.

The composable and highly scalable solution is suitable for banks of all sizes, building societies, credit unions that want to enhance their service offering and fintech or challenger banks looking to enter the mortgage market.

Lenders can deploy the complete pre-integrated front-to-back solution that comes with pre-configured user journeys and out-of-the-box integrations for documents generation and management, ID verification and Analytics to accelerate time to market. Alternatively, they can take individually deployable components that easily integrate via APIs with their existing infrastructure.

The low-code configurability of business rules and overall workflow design makes it easy for lenders to tailor the product to suit the varied regulatory and credit requirements.

The solution is cloud-native and available for lenders to deploy in their own data centres and on any public cloud or as a SaaS on Temenos Banking Cloud, enabling them to launch and scale up services rapidly.

Prema Varadhan, President Product and Chief Operating Officer, Temenos, commented: “The mortgage experience from many lenders is slow and fragmented, resulting in customer leakage in the application process. With this new solution, lenders can easily upgrade their mortgage capability, elevating the digital experience and leverage explainable AI for fast, responsible lending decisions. Despite the economic headwinds, the mortgage market continues to grow and by modernizing their systems in this way, we’re helping lenders increase volumes sustainably while ensuring affordability and transparency.”

Stewart Watterson, Strategic Advisor, Aite-Novarica Group, commented: “Mortgage lenders should take this time to rethink their existing workflows while starting from a clean whiteboard.  Digital straight-through processing is no longer just aspirational; lenders have an opportunity but will need to divest themselves of the patchwork of paper, batch files, and legacy technologies that have been strung together over time.  Making the capital investment in true digital end-to-end solutions sitting on a modern tech stack will provide a positive boost to efficiency ratios through the cost of errors expenses alone, coupled with the ability to redeploy FTEs to higher-impact business areas.”