Atom, the UK’s first digital-only bank, opened to all UK customers in October 2016 via the Atom App. The challenger bank already offers two savings accounts, as well as lending for small and medium-sized enterprises.
Digital Mortgages by Atom Bank is the first to implement the latest version of IRESS’ MSO, which is the UK’s leading mortgage processing software technology, providing an enterprise-class omni-channel platform for lending.
Re-engineered utilising the very latest technologies, MSO provides lenders, from digital-only banks, regional building societies through to traditional high street banks, with a highly configurable and functionally-rich solution to support mortgage strategies for scalable and efficient end-to-end workflow. MSO manages the full mortgage sales and originations process, from initial enquiry through to release of funds and on-boarding to servicing platforms. IRESS provides the solution as a managed service or an on-premise deployment.
IRESS will operate MSO as a managed service for Atom, releasing the bank from the responsibility of ongoing maintenance and support for technology.
Andrew Simon, IRESS’ Executive General Manager of Product said: “Consumers now expect to engage with lenders at the time and in the manner that most suits them, and increasingly through the device of their choice.
“With competition being fuelled by new entrants, the fight for a customer’s business will intensify, increasing the need to get new products and features to market as quickly as possible. And all of this must be achieved whilst trying to minimise cost. In terms of improved customer experience, an acceleration of the ‘time to offer’ is key here too. In our recent Mortgage Efficiency Survey we found the average percentage of offers being produced between 5-10 days was 27%. That average percentage needs to improve and Atom is well placed to achieve this with its technology-enabled efficient and transparent processes.
“MSO makes this digital transformation possible and we’re excited to be bringing this to life for Atom Bank end to end.”
Atom’s Director of Retail Mortgages, Maria Harris said:
“Atom is focused on providing our intermediaries and their customers with the best possible service, so efficient, integrated, and flexible technology is fundamental for our Digital Mortgages proposition. We’re delivering a solution that meets the expectations of today’s customers who want usable and accessible systems that work for them, and for everything to be carried out in real time. Our partnership with IRESS underpins our confidence that their technology can deliver this level of support for our proposition and we have enjoyed working with them as we establish our place in the mortgage market.”
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Pamela Morris / Jenette Greenwood
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