If, in the last financial year, all applications from intermediaries had been submitted and processed electronically, the industry would have saved over £100,000,000, according to Trigold. At the banking industry’s current price/earnings ratio this equates to an increased market value of over one billion pounds.
The figure is a result of lender feedback received by Trigold which has shown that lenders will save between £60 and £90 for an electronic application received and processed electronically over a manual application.
Bill Safran, joint managing director at Trigold, said: “Many lenders are already seeing the benefits of receiving electronic applications. The savings that can be achieved are significant and those lenders who are aiming to increase shareholder value should be looking at electronic processing as a high priority.
“Furthermore, there is not only a cost benefit but also a customer service benefit of implementing an electronic solution. It’s the proverbial win-win-win situation. Lender wins, shareholder wins, intermediary wins and the customer wins.”
