Transformation: The concept of a ‘complete change’ in something.
It’s unsurprising that transformation in a business of any size doesn’t come easy (or cheap). It has the potential to impact on processes, systems, operating model, commercials, risk, compliance… the list goes on. Easy or not though, it’s a term you’ll hear almost daily in the UK mortgage industry as businesses strive to “do things better” for the benefit of both themselves and ultimately, for the consumer.
Over the past decade I’ve had a prime view of the challenges faced by the industry having spent many of those years working closely with banks, building societies and law firms to deliver digital transformation. In a complex market with ever-shifting consumer expectations, pragmatism remains crucial in solving real-world problems with new technology. Whilst most businesses have a “North Star” that defines their long-term (and often ambitious) vision, the reality is, the transformation needed to reach that North Star is rarely achieved in one great leap. Instead, it’s more likely delivered through incremental and achievable steps. This iterative approach provides the opportunity to learn quickly and pivot more effectively in response to shifting market conditions and the introduction of new technologies that continue to shape the North Star. More evolution than revolution. I’ve experienced this first-hand working with lenders to transform their originations processing, moving from what was often a complex and paper-laden process to an automated solution where paper is a rarity. A combination of re-platforming and new third-party services were incrementally rolled out alongside revisiting policy and process to deliver ongoing enhancements to operational efficiencies and the quality of consumer outcomes. These types of changes don’t happen overnight though, nor do they occur without significant effort and planning.
Having worked in consultancy and product management roles previously, I’ve always kept pace with the latest innovation emerging in the mortgage market, engaging with both the third-party providers and our customers to explore opportunities with new technology. I’d therefore been watching PEXA’s impressive story for some time and jumped when the opportunity arose in early 2022 to join the PEXA team as “Integration Lead”. Having specialised in system integration for many years now, I couldn’t resist the idea of being able to help drive PEXA’s integration proposition. In a market with high expectations for automation, it’s crucial for any new platform to be able to communicate with and complement existing systems, allowing customers to leverage the benefits of new services without having to completely overhaul what they’ve got in place today.
As with the rest of the industry though, things progress quickly at PEXA, and six months after joining I transitioned into a new role as “Head of Customer & Partner Implementations”. Whilst still very much involved in shaping our integration strategy, I also now look after our customer implementation programmes. My team has an extensive background in mortgages and digital transformation, and work closely with our customers and their partners to understand existing processes, systems and operating model, helping to shape any uplift needed to start processing cases through PEXA. We’re also able to bring business and technical insight from previous PEXA implementations to ensure that customers are fully supported on their PEXA journey. And it’s not just about an initial go live, but we’re always on-hand to help our live customers as well in leveraging the powerful new functionality we’re delivering on our roadmap, such as the highly anticipated support for Sale & Purchase transactions, which we’re targeting delivery of in 2024.
PEXA’s North Star is ultimately to transform the conveyancing experience for all involved by bringing much-needed efficiency and transparency to the element of the mortgage journey that has historically received the least attention and innovation. There’s a balance to strike between iterative gains and “true” transformation though and I believe that, in continuing to collaborate with our customers and key industry partners, these are not mutually exclusive. We’re already making significant iterative gains, including the launch of our new Bank of England payment scheme built specifically for mortgages, and I’m very excited about what the future holds in this space.
This article was submitted to be published by PEXA as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
