- Digital financial services software company Finastra unveiled its new analytics solution for lenders this week, Data Insights 2.0.
- Available for Finastra’s mortgage origination solution, Originate Mortgagebot, Data Insights 2.0 gives lenders a comprehensive view of the borrower journey through the application process to identify areas of friction and applicant drop-off.
- Finastra was formed via a merger between Finovate alum Misys and D+H in 2017. Chris Walters is CEO.
A new analytics solution offered by Finastra will help mortgage lenders convert more applications into funded loans. The new tool, Data Insights 2.0, is available for Finastra’s mortgage origination solution, Originate Mortgagebot, and gives lenders an accurate view of the borrower journey through the mortgage application process to identify where applicants tend to drop off. Data Insights 2.0 helps lenders pinpoint performance gaps to enhance their own processes, and features peer and industry benchmarking based on anonymized data from 1,000+ mortgage originators to allow them to measure their performance against the market.
“We knew we were losing applicants at specific points in the process, but we couldn’t figure out why,” United Bank VP and Mortgage Production Manager Brenda Stoerkel said. “Data Insights showed us exactly where the process was breaking down. By fixing our mobile experience and adjusting our communication timing, we saw our completion rates improve. Having the right information to make better decisions makes both our operations and our borrower experience stronger.”
Data Insights 2.0 offers real-time application exit point tracking as well as conversion analysis and geographic heat maps of application activity. The technology also provides insights into borrower demographic profiles, performance metrics for credit score distribution channels, and submission timing analysis. This will enable lenders to identify areas of friction in the application process better—including hard-to-understand forms, slow response times from the system, or a poor mobile experience—enabling them to accelerate approval timelines, enhance communication, and deliver a better experience for applicants. Data Insights 2.0 also provides peer benchmarking against industry standards to deliver a market-wide context for performance. These metrics—including applicant exit points, conversion rates, loan-to-value ratios, and more—enable lenders to move quickly from insight to action.
“Lenders have access to a considerable amount of data, but they need real insights to help them optimize their business,” Finastra Chief Product Officer for Lending Rick Foresta said. “We built Data Insights 2.0 to cut through the noise. It tells you what’s actually happening in your mortgage pipeline and what you should do about it to make it easier for people to buy homes.”
Formed via a merger between Finovate alum Misys and D+H in 2017, Finastra provides financial services software to more than 7,000 customers, including 40 of the world’s top 50 banks. Active in more than 110 countries around the world, the London-based company offers solutions for lending (LoanIQ and LaserPro), payments (Global PAYplus and Payments To Go), and universal banking (Essence), facilitating $7 trillion in transaction value daily.
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