Iress gains MSO deal from Principality Building Society
Principality Building Society has opted for the Mortgage Sales and Originations (MSO) system from Iress as a key part of its mortgage platform transformation, reports Martin Whybrow.
The Wales-based Society, the sixth largest in the UK, was known to have been looking at a technology refresh for some time.
With MSO, the Society is hoping for a number of benefits. It is seeking to accelerate the time-to-market for new products, reduce the time it takes to make offers, and achieve easier integration with third-party systems for a “seamless experience for brokers and customers”.
Julie-Ann Haines, chief customer officer at Principality Building Society, says: “We need to keep pace with evolving technology and more will be expected of us.”
She hopes brokers will gain easier access to their cases, a better registration process, simple document sharing and the removal of manual customer signatures. “The technology will also provide us with the capability to expand the breadth of our products.”
The Society has assets of £9.7 million, with 53 branches and 17 agencies in Wales and the borders.
Iress is Australia-based and listed on ASX. The UK contributed operating revenue of £66.7m in 2018 (overall operating revenue was A$115.6m).
The UK growth was 7%, with particularly strong performance cited in the second half of the year. One imminent UK change will see country MD, Simon Bradley, step down and leave the company at the end of June after more than five years in the role.