Saffron Building Society has partnered with FintechOS to overhaul its mortgage origination process as it looks to deliver faster decisions for brokers and increase lending volumes.
The specialist lender will deploy FintechOS technology across its mortgage range, covering the journey from broker registration and decision in principle through to application, underwriting, offer and completion.
The new platform will integrate with Saffron’s existing Finova servicing system and is intended to support the mutual’s plans to grow its lending and broaden its intermediary network.
Brokers will be provided with a fully digital journey including real-time DIP decisions, straight-through processing for standard applications and greater visibility over the progress of cases.
AI-ASSISTED UNDERWRITING
The technology will also introduce an AI-supported underwriting workflow alongside automated decisioning.
Saffron will be able to manage lending criteria, affordability calculations and policy rules centrally, while FintechOS said its product technology would enable the lender to introduce new mortgages and make criteria changes more quickly.
The system is designed to sit above Saffron’s existing core infrastructure rather than requiring the building society to replace it.
Saffron has more than 118,000 members and assets of more than £1.5bn.
‘REAL DECISION CERTAINTY’
Colin Field (main picture, inset left), chief executive officer of Saffron Building Society, said: “This partnership is an important step in Saffron’s wider transformation.
“We are investing in a modern mortgage origination capability so we can respond more quickly to changing customer and broker needs, create real decision certainty, and grow our specialist lending proposition without compromising the personal service and underwriting judgement that differentiate us.
“We chose FintechOS because its flexible, modular platform will integrate with our existing technology, give our teams greater control over product and journey changes, and provide a scalable foundation through which we can responsibly harness AI to support colleagues, enhance decision-making and deliver simpler, more personalised experiences for members and brokers.”
SECOND BUILDING SOCIETY DEAL
The agreement is FintechOS’s second UK building society partnership this year following a deal with Vernon Building Society announced in April.
Teo Blidarus (main picture, inset right), chief executive officer and founder of FintechOS, said: “Building societies are ambitious, member-focused institutions with strong lending fundamentals, and they deserve a technology partner that matches that ambition.
“Saffron is not waiting for a perfect moment to modernise. They are investing ahead of growth, putting the foundations in place now so they can scale lending, win broker relationships, and bring new products to market in weeks rather than months.
“The UK mutual sector is where some of the most exciting AI adoption in financial services is happening right now, and we are here to build with these institutions, not ask them to start again from scratch.”
