Banking platform Temenos launches AI mortgage solution

Banking platform provider Temenos has added a fully integrated mortgage solution to its product offering, powered by a smart engine using explainable AI.

The fintech says its new solution will help lenders to deliver a personalised digital mortgage experience while reducing costs and time to close. 

"Fast responsible lending"

Using its new smart AI engine, Temenos adds it can provide automotive and intuitive workflows to reduce delinquencies and enhance productivity for lenders while supplying transparent and explainable affordability assessments. 

The fintech feels that improved time to closing is important for modern consumers, particularly in times of turbulence and rising interest rates. Offering this in addition to hyper personalisation capabilities – which provide bespoke offerings through Temenos’ partner ecosystem model – supposedly makes its product particularly attractive to lenders.

Temenos’ President of Product and COO, Prema Varadhan, comments: “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 leveraging explainable AI for fast, responsible lending decisions. Despite the economic headwinds, the mortgage market continues to grow and by modernising their systems in this way, we’re helping lenders increase volumes sustainably while ensuring affordability and transparency.”

A scalable solution

According to Temenos, its new AI mortgage solution is both composable and scalable, meaning it can be integrated into banks, credit unions and building societies of all sizes. The AI mortgage solution comes with pre-configured user journeys and out-of-the-box integrations, enabling lenders to better manage document generation, ID verification and analytics.

Stewart Watterson, a Strategic Advisor at Aite-Novarica Group, adds comment on behalf of Temenos: “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.”