Lenders using technology providers

In the last few years innovation has exploded in the financial industry. Banking technology has never transformed and moved so fast. There is now a large range of financial products to cater for a variety of customer requirements, which are available from numerous channels. This has meant technology plays a vital role in making this possible.

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Flexible products to meet customers’ specific needs

Flexible banking used to be about opening a savings account with £1, being able to access your money instantly, turn off paper statements and being able to manage your money at any time. Or paying more of your mortgage off and stopping repayments for a short period to pay for holidays or life events.

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Creating a frictionless customer journey?

We live in a world where everything is more accessible. With increased competition in every industry, companies are striving for processes that are smoother, more streamlined and pain free. They are making it easier to purchase products and renew policies with “frictionless” processes across all their journeys and customer touchpoints.

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The future is bright for life time mortgages

It is hard to believe that the equity release industry once had a negative reputation. Things have significantly turned around in recent years with the Equity Release council reporting 26 per cent growth year-on-year for 2016, breaking through £2bn for the first time. Key Retirement has estimated that 2017 will see 28 per cent growth, with figures expected to reach £2.75bn.

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Cyber Defence

Cyber-attacks are increasingly becoming a norm in the banking world. The reality is that each bank, building society and lender is at risk of being hacked or attacked in some way. Attackers are becoming more ruthless, determined and innovative with their methods. Even Swift (one of the largest providers in the world) have informed their customers that it is here to stay.

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Are branches a thing of the past and digital banking now the way forward?

Over the last few years, we have seen a shift in banking behaviours. The big banks have reduced their branches by around 1,700 across the UK in the last five years, moving from branch staff carrying out all transaction to a more advisory role. There has been the introduction of self-service technology and large numbers of digital banks and lenders entering the market.

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Is Robo Advice to be feared or embraced?

Robo Advice has been a hot topic for some time now, and rightly so has brought mixed emotions. Technology is here to stay in all aspects of our lives. In the finance industry, the regulator is encouraging innovation and has even launched a robo-advice unit earlier this year, which offer firms help to develop their bespoke robo advice. In an industry of constant change, the general consensus is that a blend of technology and human interaction will enhance the advice process, which will benefit the customer overall. For mortgage applicants, if the customer is able to do some background work themselves with the help from robo advice, this will free up brokers, enabling brokers to apply their specialist knowledge and skills, leading to an even better customer service. When brokers are able to

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