Oracle has released new tools which it claims will help drive the shift towards quicker and easier digital mortgage lending.

Its solution is aimed at helping banks and building societies transform residential, buy-to-let and small business mortgage origination by using open architecture design and process automation.

Home and re-mortgage customers often experience a complex and stressful process of data and document gathering, coupled with lengthy manual processing delays. For lenders, legacy platforms inhibit a 360-degree view of the customer and proprietary, closed technology prevents integration with tech vendors.

Oracle Banking Enterprise Originations is enabled with more than 200 open Application Programming Interfaces (APIs), leveraging Open Banking standards to aggregate data from trusted third-party sources and financial institutions, working from origination, to servicing and collections via a single platform.

Oracle stated that one unnamed bank currently implementing the solution has been able to halve the number of required customer documents and dramatically improve time to offer, seeing a 25 per cent reduction in the cost of origination.

FStech recently assessed the demand for so-called LendTech disruption in the UK market, which has long been dominated by the ageing approaches of incumbent lenders. But pressure from the regulator and the advent of Open Banking has seen several FinTechs attempt to enter the space and make the process easier for consumers.

Just last week, Challenger bank Tandem put out a public call to help it design a new mortgage service, due for launch next year.

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