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Heavily dependent on manual input and legacy infrastructure, they still rely on historic data sources and paper proofs. Buy-to-let back-offices remain stuck in the slow lane when it comes to deliv- ering speedy outcomes and reaching optimal underwriting decisions. Rather than being energised by their systems, many lenders are hobbled by them. So, why is this the case? My answer to this question is that it is down to a combination of reluctance to give up the old ways of doing things, and disbelief at how effective new tech- nology can be. The “why fix something when it isn’t broken” mindset pervades, alongside an inability to see how easy it is to implement platforms, such as our Auto Decision Platform, which deliver more optimal lending decisions at the same time as reducing costs. As the early adopters of this technology (who are steadily increasing in number) garner larger shares of the market on the back of their new-found flexibility, I can’t see this situation lasting for much longer. If anything, borrowers will make the decision for them as they migrate increasingly to online portals that require almost instant decision making. Soon, even themost reluctant to change will be forced to, if they want to continue to thrive.
In the next quarterley issue.... In our next issue of Metrics Monthly, released at the end of Q4, you can expect your usual dose of news, industry highlights and thinkpieces, as well as:
• Did Q4 lending rates rebound as expected and were they higher than Q4-2019? • Catch up customer stories: find out how our clients have found their experience with LendingMet- rics one year down the line. • Our end of year summary looks back on an interesting 12 months of lending, and predicts what we expect for 2022.
• Why do some lenders delay making timely changes to their scorecards? • Unsecured loan specialist Credit- star recommends ADP to anyone that would benefit from it in our new customer story. • LendingMetrics' A Year in Review: we look back at some of our high- lights and big moments from 2021.
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Above: LendingMetrics Commercial Director and co-founder David Wylie
www.lendingmetrics.com
Metrics Monthly | 21
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