Temenos launches digital mortgage solution for lenders

Temenos has released a digital mortgage solution for lenders powered by its ‘smart decision engine’, Explainable AI.

According to Temenos, its Digital Mortgages solution can help improve productivity and reduce delinquencies “through automation and intuitive workflows to make quick and prudent decisions, using AI to provide affordability assessments that are transparent and explainable”.

The cloud-native solution aims to help lenders launch and scale up services rapidly.

It enables those looking to break into mortgages to adopt preconfigured user journeys to personalise their digital mortgage experience and couple it with out-of-the-box integrations for document generation and management, ID verification, and analytics to accelerate time to market.

Existing lenders can also deploy components that integrate via APIs with their existing infrastructure and tailor it to suit the varied regulatory and credit requirements.

Speaking of Temenos Digital Mortgages, Prema Varadhan, the company’s president of product and chief operating officer, 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 modernising their systems in this way, we’re helping lenders increase volumes sustainably while ensuring affordability and transparency.”

[Related: Virgin partners with Deloitte, Temenos to build ‘new digital bank’]