MQube, the parent company of mortgage lender MPowered Mortgages, has partnered with Thought Machine, a cloud-native banking technology company offering core banking and payment solutions.
The collaboration aims to enable banks, building societies, and non-bank lenders to make real-time decisions on mortgage loans, providing customers with quicker, more accurate, and straightforward loans and mortgages.
The partnership will streamline processes for financial institutions by offering a comprehensive solution that combines Thought Machine’s core banking platform, Vault Core, with MQube’s AI-driven mortgage platform.
This integration will simplify every step of the core banking and mortgage ecosystem journey, from origination and underwriting to account management.
MQube’s mortgage origination platform, used by MPowered Mortgages, leverages artificial intelligence and data to accelerate and simplify the mortgage journey, focusing on improved customer experience, increased certainty, and enhanced control.
Vault Core allows institutions to build, test, and launch tailored products designed to meet customers’ needs, from green mortgages to customized savings accounts.
The platform operates in real-time, and its microservices architecture enables institutions to scale quickly.
Stuart Cheetham (pictured), CEO at MQube and MPowered Mortgages, said: “Banks, building societies and non-bank lenders have been slow to both adopt and integrate the latest technologies into their business models. Their legacy technology adopted by banks has resulted in a long and arduous mortgage journey that borrowers complain about. This remains a key problem for banks and leads to unhappy customers.
“This partnership allows us to offer banks, building societies and non-bank lenders a solution to this age-old problem, with smoother banking and a faster mortgage process resulting in more satisfied borrowers and a streamlined solution to their financial affairs.”
Liam Leahy, managing director, sales, EMEA, at Thought Machine, added: “Building societies, banks and non-bank lenders risk being left behind if they fail to adopt modern technology now. Mortgage customers want a fast, simple, and efficient service – which existing, outdated technology platforms are failing to deliver.
“By offering personalised products that can meet customers’ specific needs – in contrast to the ‘one size fits all’ approach that currently causes frustration and delay for mortgage customers across the country – mortgage providers will be able to grow their customer bases and increase their market share.
“We’re looking forward to working with MQube in streamlining and simplifying the entire mortgage process for providers and their end customers nationwide.”
