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Faced with rising interest rates and shrinking economies, 2023 was a tough year for lenders. But thanks to emerging tech, there were also opportunities to build operational resilience and better customer experiences.

Our recent roundtable with the Financial Times brought together industry leaders from lending firms and building societies to discuss digital transformation priorities for mortgage lenders.

As they lean into emerging technology to survive in increasingly-saturated markets, many lenders are re-prioritising core infrastructure investment, using cloud-native solutions and APIs to automate processes, boost competitiveness and meet ever-tightening regulatory requirements.

So, what are the core transformation challenges for 2024?

According to lending experts, three issues shape their core infrastructure decisions:

1. Combining new and old, without disruption
Slow and inflexible legacy systems are not just a headache for compliance and cybersecurity, but they stifle forward-facing innovation. Finding ways to instigate change with a resilient and flexible core system is critical. ‘Rip and replace’ projects are not the only way. Anticipate big demand for cloud-native platforms that allow old systems to talk to new, while delivering innovative functionality and building for scale.

2. Enabling change without compromising compliance
Many lenders have concerns that moving away from legacy systems and upgrading technology can lead to regulatory compliance issues. However, by automating tedious, operational processes and leveraging open APIs and cloud technology, lenders become more adept at ensuring standardised practices. By embracing emerging tech, lenders achieve more effective risk management and can even mitigate financial losses.

3. Maintaining resilience and preventing tech-stack failure and breaches
Platforms don’t generally fail but underlying tech stacks can, and box failure of on-premises solutions is a notable risk. One of the biggest arguments for adopting a cloud infrastructure is, therefore, its operational resilience. Along with the requirement for always-on tech, cybersecurity is also front-of-mind, with some lenders opting for partners that offer 24/7-screening for general narrative and dark web information on vendors.

Want to discover more?

To dig deeper into the roundtable observations, read our summary report: Leveraging Tech and Automation in the Lending Industry. Offering expert insight on real-life lending issues, it also highlights how orchestration helps lenders blend cloud with core legacy to automate processes, overcome resource constraints and ensure the highest compliance standards.

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