Banking software company Temenos has rolled out an AI-powered mortgage solution to will help lenders deliver a personalised digital mortgage experience while reducing their costs and time to close.

The composable and highly scalable solution is said to be suitable for banks of all sizes, building societies, credit unions that want to enhance their service offering and fintech or challenger banks looking to enter the mortgage market.

The Temenos Digital Mortgages enhances productivity and reduces delinquencies for the lenders through automation and intuitive workflows to make quick and prudent decisions, using AI to provide affordability assessments that are transparent and explainable.

It reduces the time to close for customers, helping them meet real estate contracts or rate lock periods to secure a property or afford a mortgage.

The solution is cloud-native and available for lenders to deploy in their own data centers and on any public cloud or as a SaaS on Temenos Banking Cloud, enabling them to launch and scale up services rapidly.

Prema Varadhan

Prema Varadhan, President Product and Chief Operating Officer, Temenos said,

“With this new solution, lenders can easily upgrade their mortgage capability, elevating the digital experience and leverage explainable AI for fast, responsible lending decisions.

Despite the economic headwinds, the mortgage market continues to grow and by modernising their systems in this way, we’re helping lenders increase volumes sustainably while ensuring affordability and transparency.”

This article first appeared on fintechnews.sg

Featured image credit: Prema Varadhan, President Product and Chief Operating Officer at Temenos. Edited image from Temenos.com