Lending is constantly changing - new entrants, new regulations and also technology - making it easier to both make your mark and lose ground at the same time.The personal expertise a sales advisor brings is still key, but people want more. Twitter gives you the latest update on your train service and Facebook socialises every part of our lives. Everything is becoming more joined up and real time. More people are entering this market, and they are taking on the incumbents.

• Uber has recently branched out, launching a cash loan for its drivers through its mobile app
• People are using online portals and getting instant updates
• And everyone expects updates on their mobile

At Optalitix, we offer technology to our clients that gives them a market leading edge.

2016 was a difficult year

2016 saw many changes in the lending market, particularly in areas like second charge loans. There was a surge in demand for loans prior to the new regulation as people took advantage of the more relaxed affordability rules. The emphasis then shifted back to the lenders and brokers to update their systems and processes to meet the new regulatory regime. This process was challenging for the industry and left many lenders playing catch-up and with a reduced product set.The effect was a drop in loans of 15% running up until October as the wider market continued to adapt to the new regulatory regime. Agile and flexible systems enabled some of the players to take advantage of the change, gaining market share and beating the market for their business.

How did our clients successfully navigate this change?

While some lenders experienced a fall in business, and some even dropped out of the market, some companies turned it to their advantage. Our systems are designed to be flexible, and we helped our clients meet the regulatory hurdles and come out on top.

• Our flexible systems delivered a regulatory compliant system on time
• The modern look and user friendly experience is appreciated by brokers
• Instantly configurable products and calculators allow rapid response to market change
• Our data analytics capabilities offered additional insights for market competitiveness
• Our understanding of the industry allows us to stay ahead of the curve
• Our project team and efficient systems enabled the system delivery on time

Standing out from the crowd

With so many changes in the political space it is important to adapt quickly. The newspapers gauge the number of tech firms that side with or against change - from these reports it is clear that technology is key to delivering value to businesses. Technology is about adapting as the circumstances and environment change, and as your customers adopt the latest innovations. Companies that are successful at this, like Uber, have profited and will enter new areas, so it is important to stay ahead of the pack.We want our lender clients, using the Optalitix lending system, to give their customers the latest, modern, instant and fluid experience they see elsewhere in their lives:

• Instant loan feedback between client, broker and lender
• Electronic signatures and identification
• Automated communications
• Smart algorithms that identify default prone customers
• Social media integration

Given the expected Brexit changes ahead, our clients need to be agile and use what others regard as a burden to their advantage.Alistair King