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Technology Innovation and Investment Considerations in the UK Mortgage Market

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22 June 2022
Craig Focardi
Kieran Hines

Key Findings from Celent's UK Mortgage Technology Adoption Survey

Abstract

The UK mortgage market is at an inflection point due to higher interest rates, declining lending volumes, and customer demand for a better, technology driven, customer experience. New customer acquisition, operational efficiency, and cost management will be challenged in this new environment.

Celent surveyed UK mortgage lending executives to more deeply understand their business challenges and planned technology investments to help solve these challenges. This Celent survey report provides an executive summary; UK mortgage market overview; and survey results segmented by: Taking an Ecosystem Approach to Growth, Driving Product Innovation and Differentiation, and Recommendations and Path Forward.

Recommendations for incumbent UK mortgage lenders are to grow and defend their customer segments, and refine product, pricing and services strategies. Potential new lender market entrants need to determine a mortgage product and channel strategy that differentiates them from incumbents. IT services and software vendors need to pick target customer segment(s) first, and then align them with their company and products; help lenders automate and integrate disparate systems to make better, faster decisions; and differentiate their strategy, messaging and solution positioning to compete with incumbent solution providers.

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