The new solution embeds Thought Machine’s Vault Core and McQube’s AI-driven mortgage platforms. This will streamline processes for banks, building societies, and non-bank lenders from origination and underwriting to account management.
McQube’s mortgage origination platform uses AI and data to speed up and simplify a customer’s mortgage journey, focusing on better customer experience, higher certainty, and more control.
Stuart Cheetham, CEO at McQube and Mpowered Mortgages, commented: “Banks, building societies and non-bank lenders have been slow to 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”, Cheetham added. “Our mortgage platform, which is available to all mortgage brokers nationwide, has improved the mortgage process and the way our brokers do business. We are excited to extend the benefits of our platform to banks and work with Thought Machine to improve the entirety of the mortgage and lending ecosystem.”
Thought Machine: Company profile
Thought Machine is a provider of cloud-native core banking and payments technology. The company has a team of 600 people spread across offices in London, New York, Singapore and Sydney.
In February, Arvest Bank adopted Thought Machine’s cloud-native core banking technology in order to develop its equipment finance lending product, first introduced in October 2022.
Liam Leahy, managing director of Sales (EMEA) at Thought Machine, welcomed the partnership with McQube.
“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”, Leahy said. “We’re looking forward to working with McQube in streamlining and simplifying the entire mortgage process for providers and their end customers nationwide.”
Artificial intelligence and machine learning are becoming increasingly popular within the banking sectors, as companies are looking for ways to cut down on the number of hours their employees spend on due diligence. According to GlobalData’s “Thematic Intelligence: Cloud Computing in Banking” report, cloud spending by retail banks will reach $83bn by 2026, up from just $39bn recorded in 2022.