SBS has launched Core MSS7, a release of its Mortgage and Savings Suite for UK building societies and banks.
The company’s end-to-end core platform currently manages one in five UK mortgages through partnerships 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 latest updates, these institutions can improve member experiences by accepting Open Banking payments, allowing digital onboarding to open accounts faster and supporting mortgage deal switches.
New Open Banking capabilities for UK building societies and banks
Consumer demand for instant digital access and personalised experiences is getting higher and higher as they seek a simple and personalised service from banks and lenders, just as they get from retailers, streaming platforms and other digital providers. For UK institutions, this transformation comes amid growing competition from digitally native challenger banks and fintechs. This pressure to modernise is key to competitiveness and meeting customers’ needs in the financial landscape.
Core MSS supports building societies and banks to optimise their services while remaining member-based. The solution and its counterpart, Front Office Portal (FOP), a front-end mortgage broker and consumer savings portal, handle management, servicing, and mortgage origination and savings account opening through mobile banking and a branch teller feature. This aims to allow institutions to reduce mortgage processing times by 50%, enabling customer-facing developments backed by cloud infrastructure, helping banks fulfil customer expectations.
The launch for FOP 4.2 offers new features that allow customers to open new accounts online in minutes through the mobile app or web browsers, with identity verification and liveness checks ensuring secure access. They can also authorise payments using their existing banking credentials, allowing direct transfers that reduce error and speed up payments, while reducing card processing fees.
Homeowners with complex mortgage setups can switch to a new deal with their existing lender, getting rid of the time, cost and complexity of remortgaging. Additionally, the platform keeps institutions up-to-date with new regulations, with the update supporting regulations under FCA policy statements (PS) 24/2, including measures to protect borrowers in or at risk of financial difficulty with earlier intervention tools and better reporting.
