The research was conducted by Datamonitor for Marlborough Stirling.
Of those mortgage lenders currently relying on home grown IT systems, 40 per cent plan to review their point of sale systems provision within the next 12 months, potentially resulting in an upturn in new business opportunities for specialist third party providers.
In addition, a further 20 per cent of these lenders intend reviewing their mortgage servicing systems and 10 per cent to review their application processing systems within the next year.
These findings highlight the growing trend for lenders to buy in rather than build technology, with the majority of the mortgage lenders who stated they use third party technology providers having done so within the past five years.
“These results demonstrate that mortgage lenders are increasingly looking for third party specialists to manage and provide their technology platforms and deliver real benefits to their businesses,” stated Phil Heaton-Jones, head of marketing at Marlborough Stirling.
“Given that the mortgage market is increasingly competitive with lenders being forced to provide keenly priced products to win and retain market share, the cost advantages and efficiencies delivered by effective technology platforms are critical to success.”
