Temenos introduces AI-powered digital mortgage solution

Banking software company Temenos has launched an AI-powered mortgage solution that will help lenders provide a personalized digital mortgage experience while reducing their costs and closing times.

The configurable and highly scalable solution is said to be suitable for banks of all sizes, building societies, credit unions looking to expand their service offerings and fintech or challenger banks looking to enter the mortgage market.

Temenos Digital Mortgage increases productivity and reduces attrition for lenders by enabling them to make quick and prudent decisions through automation and seamless workflows, using AI to provide affordability assessments that are transparent and interpretable.

This reduces closing time for customers, helping them meet real estate contracts or the rate lock period for securing or mortgaging a property.

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

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

“With this new solution, lenders can easily upgrade their mortgage efficiencies, enhance the digital experience and leverage interpretive AI to make faster, responsible lending decisions.

Despite economic headwinds, the mortgage market continues to grow and by modernizing their systems in this way, we are helping lenders increase volumes while ensuring affordability and transparency.