.jpeg)
Optalitix, the specialist insurance and finance software provider, today announces that specialist lender Spring Finance (Spring) has selected Optalitix to deliver a market-leading, technology-led new mortgage system.
Optalitix’s cloud lending platform, Optalitix Originate, is trusted by many leading lenders to issue over £7bn of loans. The platform will provide Spring’s mortgage origination platform.
For Spring, the platform will automate and streamline the lending process and improve profitability through an efficient, compliant lending process.
This collaboration will enable Spring to fully automate the decision-in-principle approval process, using data from credit reference agencies, affordability models, and other third parties to provide a robust and reliable lending decision early in the application process.
The new platform will also allow brokers to seamlessly API customer data from their internal systems, reducing the need tore-key any data.
Alistair King, COO at Optalitix, said: “We are excited to be providing Spring with our innovative Originate platform. By integrating our platform with their lending decision-making platform, Spring will benefit from the full range of flexibility, intelligence, and efficiency offered by Optalitix Originate. We look forward to being a key partner to Spring in their future growth journey.”
Andrew Bloom, Chief Executive and owner of Spring, added: “Optalitix have extensive expertise within the mortgage industry and the delivery of these systems will play a pivotal role in Spring’s growth plans.”
Shelley Stern, Director of Mortgages, at Spring, said: “We are delighted to be partnering with Optalitix. This is a significant stepforward in using technology to streamline processes, enhancing both the broker and customer experience by providing data-driven reliable decisions.”
What Industries Could AI Impact the Most?
From virtual health care assistants to driverless taxis, AI is transforming the way the world operates, making processes more productive and efficient. Read more.
How AI Is Used in Our Everyday Lives
AI permeates several aspects of our everyday lives, from our from smart phones to shopping and much more. Learn more about the impact of AI here.
How Is AI is Changing The World?
Artificial Intelligence (AI) has the power to change the world across multiple sectors including business, healthcare, transport and education. Learn more here.
How Could AI Change Future Workplaces
AI has the power to change the future of working globally. Read more about how AI can assist with staff collaboration, hiring employees, and remote working here.
How Can Machine Learning Help My Business?
Machine learning can help your business thrive by processes such as automating decisions, mundane tasks, and security. Find out more here.
Hot Models
During Covid-19, AI or non-human solutions were being used to model potential outcomes and solutions. Read how this was done and the findings that came from AI.
Optalitix selected to participate in Lloyds Lab
The Optalitix team are delighted to have been selected to participate in cohort 4 of the Lloyds Lab. Read more about their application and success in this guide.
How do machine learning models work?
There are a variety of regression and classification models within both the supervised and unsupervised categories of machine learning, a type of AI.
Will machine learning replace humans?
Machine learning technology has already started to replace humans, yet it has potential to create many opportunities and enable people to do their job better.
Is AI taking jobs?
Developments in AI led to machines taking predominantly unskilled jobs, and this looks set to continue. Learn more about how AI is impacting the workforce here.
How is AI being used in healthcare?
New AI technology from Microsoft and Google is able to detect diseases such as prostate cancer and diabetic retinopathy. Learn more the NHS's use of AI.
How is AI used in financial services?
The financial services industry is being transformed by AI. Learn how AI is used as robo-advisory services, chatbots, and algorithmic trading in finance.
What is the AI industry worth?
The AI industry is estimated to be worth somewhere in the region of $5 trillion dollars, and this number is only set to increase in the future. Learn more here.
How does machine learning work?
Machine learning algorithms are a type of AI that can learn patterns and processes with minimal to no human intervention. Discover more about how they work here.
How is machine learning used in finance?
The financial sector is increasingly using machine learning in order to be more accessible, efficient and provide a better customer experience overall.