SBS has recently introduced Core MSS7, an update to its Mortgage and Savings Suite designed for UK building societies and banks.
Currently, SBS’s comprehensive core platform handles a significant proportion of UK mortgages through collaborations with lenders such as Newbury Building Society, The Co-operative Bank, Hinckley & Rugby Building Society, Scottish Building Society, Swansea Building Society, and Kensington Mortgages. With the new release, these institutions can enhance member experiences by accepting Open Banking payments, enabling quicker digital onboarding for account openings, and facilitating mortgage deal switches.
New Open Banking Features for UK Financial Institutions
Amid growing consumer expectations for seamless, personalized services akin to those offered by retailers and tech companies, UK building societies and banks face increasing competition from digital natives. Modernization through solutions like Core MSS is crucial for staying competitive and meeting customer demands.
SBS’s Core MSS solution and its complementary Front Office Portal (FOP) are designed to optimize services while maintaining a member-centric approach. The front-end mortgage broker and consumer savings portal manage various operations, including mobile banking and branch teller features, aiming to cut down on mortgage processing times by up to 50%. This is achieved with cloud infrastructure support, facilitating customer-facing innovations.
The latest FOP release introduces simplified account opening procedures for customers. Users can now open new accounts online in just a few minutes via the mobile app or web browsers, thanks to features like identity verification and liveness checks. They also have the option to authorize payments using their existing banking credentials, streamlining transactions and reducing errors while cutting down on card processing fees.
For homeowners with complex mortgage situations, Core MSS offers streamlined options for switching deals without the hassle of remortgaging. The platform ensures compliance with regulatory standards through features like those under FCA policy statements (PS) 24/2, which include tools to support borrowers in financial distress and improve reporting mechanisms.
