# Automation tools help UK mortgage provider’s market share surge Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-09-08 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Boost Mortgage Efficiency with Intelenet Global Services Meta Description: Discover how end-to-end automation tools can revolutionise the mortgage service lifecycle, increase productivity, and meet customer demand effectively. URL: https://financedigest.com/automation-tools-help-uk-mortgage-providers-market-share-surgehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/earth-globefyyubqso-1736844529598-compressed.jpg) _Intelenet® Global Services stress that end-to-end automation can make the difference for mortgage providers_ The UK’s top six mortgage providers are suffering challenges to their dominance, seeing market share decline from 86 per cent in 2009 to just under 69 per cent today. [\[1\]](#_ftn1) Working against this trend, one of the UK’s leading banks has increased its market share of mortgages significantly.  The bank deployed tools created by Intelenet Global Services to increase efficiency at all stages of their mortgage service lifecycle. Low interest rates create favourable [market conditions which boost demand](https://www.financedigest.com/increased-spending-on-foods-is-anticipated-to-boost-demand-of-flour-market-fact-mr-research.html "Increased Spending On Foods Is Anticipated To Boost Demand Of Flour Market, Fact.MR Research") for mortgages. Yet this is also attracting increased competition: a report by the University of Cambridge found that [mortgages are one of the fastest-growing products](https://www.financedigest.com/how-can-i-qualify-for-more-on-a-mortgage-product.html "How Can I Qualify for More on a Mortgage Product?") within peer-to-peer (P2P) lending. [\[2\]](#_ftn2) New funding models such as P2P, alongside other challenger banks, mean that traditional banks must explore new ways to engage customers and boost their market share. Bhupender Singh, CEO of Intelenet Global Services, says: “When we started working with one of the UK’s leading mortgage providers, it became clear that they [needed to improve the productivity of their service](https://www.financedigest.com/financial-services-need-a-digital-transformation.html "Financial services need a digital transformation"). Although they are a household name with over 2,000 high street branches, [customers are increasingly attracted by the speedy process times of the more technologically adept fintech](https://www.financedigest.com/how-real-time-data-innovation-is-driving-up-customer-experience-in-fintech.html "How real-time data innovation is driving up customer experience in fintech") players. For [traditional banks](https://www.financedigest.com/traditional-banks-need-an-overhaul.html "Traditional banks need an overhaul"), the necessity to make careful decisions around risk has often reduced their ability to innovate. “In the current housing marketspeed is everything: properties are snapped up incredibly quickly. [Customers expect](https://www.financedigest.com/banking-from-anywhere-embracing-technology-to-exceed-customer-expectations.html "Banking from anywhere: embracing technology to exceed customer expectations") a fast turnaround on mortgages so boosting efficiency in the underwriting process is a great area of competition for providers.  The good news is that it’s now possible to [reduce drastically](https://www.financedigest.com/white-bullets-piracy-demonetising-programmes-drastically-reduce-ad-revenues-to-piracy-websites-across-europe-analysis-finds.html "White Bullet’s piracy demonetising programmes drastically reduce ad revenues to piracy websites across Europe, analysis finds") the Mortgage Offer Cycle – from periods of 11 days to just 48 hours. [Automation tools have truly moved](https://www.financedigest.com/the-aquaculture-feed-and-pharmaceutical-market-to-move-ahead-on-rpa-robotic-process-automation.html "The Aquaculture Feed And Pharmaceutical Market to move ahead on RPA (Robotic Process Automation)") the goal posts in this sector.” [Identifying areas](https://www.financedigest.com/identifying-areas-of-vulnerability-why-cybersecurity-shouldnt-be-an-afterthought-for-financial-organisations.html "Identifying areas of vulnerability: Why cybersecurity shouldn’t be an afterthought for financial organisations") where workflow management tools can reduce manual labour enables skilled underwriters to focus their attention on the complex tasks in hand. Together, automation technology and [skilled workforces](https://www.financedigest.com/creating-a-skilled-workforce-fit-for-the-future.html "Creating a skilled workforce fit for the future") can produce a more efficient and also more expert service. Applying tools such as Intelenet’s I Resolve workflow system, alongside [staff training](https://www.financedigest.com/why-training-staff-on-new-technology-should-not-be-overlooked.html "Why training staff on new technology should not be overlooked") tools such as EpiPlex, drives productivity whilst improving the quality of the service. This end-to-end service – which provides tools and expertise from origination to termination – gives providers the ability to [meet customer](https://www.financedigest.com/theres-a-fine-line-between-relinquishing-control-and-accountability-financial-institutions-must-balance-both-to-successfully-cloudify-operations-and-meet-customer-expectations.html "There’s a fine line between relinquishing control and accountability. Financial institutions must balance both to successfully cloudify operations and meet customer expectations") demand at all stages of the mortgage process. Bhupender concludes: “In the midst of intensifying competition and regulatory requirements, lenders now need to focus on [effective data](https://www.financedigest.com/can-banks-compete-in-the-digitisation-race-without-effective-data-integrity.html "Can banks compete in the digitisation race without effective data integrity?") management in the mortgage application and approval process to meet regulatory requirements. The challenges for providers are certainly there, but thankfully the solutions are available to transform their offering to overcome them.” [\[1\]](#_ftnref1) Council of Mortgage Lenders [\[2\]](#_ftnref2) [https://www.nesta.org.uk/sites/default/files/understanding-alternative-finance-2014.pdf](https://www.nesta.org.uk/sites/default/files/understanding-alternative-finance-2014.pdf) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---